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Warren Manufacturing began business on January 1. During its first year of operation, Warren worked ...

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Warren Manufacturing began business on January 1. During its first year of operation, Warren worked ...

Warren Manufacturing began business on January 1. During its first year of operation, Warren worked on five industrial jobs and reported the following information at year-end:

   Job 1   Job 2   Job 3   Job 4   Job 5
Direct Materials   1,000   7,500   4,800   3,700   1,500
Direct Labor   12,000   20,000   13,800   12,700   800
Allocated Mfg. Overhead   1,500   6,000   2,400   7,100   200
Job completed:   Jun 30   Sep 1   Oct 15   Nov 1   Not completed
Job sold:   Jul 10   Sep 12   Not sold   Not sold   N/A
Revenues:   25,000   39,000   N/A   N/A   N/A

What was the balance in Finished Goods Inventory at year-end?
A) $44,500
B) $23,500
C) $35,000
D) $21,000

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

Read 1767 times

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