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At the beginning of the year, Green Street Manufacturing had the following account ...

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7 years ago

At the beginning of the year, Green Street Manufacturing had the following account ...

At the beginning of the year, Green Street Manufacturing had the following account balances:

   Work-in-Process Inventory
2,000

   Finished Goods Inventory
8,000

   Manufacturing Overhead
0

   Cost of Goods Sold
0

   Sales Revenue
   0

The following additional details are provided for the year:

Direct materials placed in production   $83,000
Direct labor incurred   194,000
Manufacturing overhead incurred   302,000
Manufacturing overhead allocated to production   292,000
Cost of jobs completed and transferred   506,000
Total revenue   757,000
Cost of goods sold   441,000

After adjusting the balance in Manufacturing Overhead, the ending balance in the Finished Goods Inventory account is a ________.
A) debit of $73,000
B) credit of $433,000
C) credit of $57,000
D) debit of $65,000

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

Read 449 times

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H3Ko Author

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7 years ago

I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right

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syrgak

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4 years ago

Thanks

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