Santos Inc. had the following information for the preceding year: Beginning Inventory (1/1) Ending Inventory (12/31)...
Santos Inc. had the following information for the preceding
year:
| Beginning Inventory (1/1) | Ending Inventory (12/31) | |||||
| Raw Materials Inventory | $ | 45,600 | $ | 32,500 | ||
| Work in Process Inventory | $ | 37,900 | $ | ?? | ||
| Finished Goods Inventory | $ | 33,200 | $ | ?? | ||
Additional information for the year is as follows:
| Direct materials used | $ | 209,300 |
| Direct labor | $ | 158,500 |
| Manufacturing overhead applied | $ | 162,200 |
| Cost of goods manufactured | $ | 525,200 |
| Unadjusted cost of goods sold | $ | 544,000 |
What was the ending Finished Goods Inventory balance on 12/31?
Multiple Choice
-
$56,700
-
$14,400
-
$67,800
-
$42,700
Homework Answers
The correct answer is $ 14400
Calculation and explanation
Ending finished goods inventory
= opening finished inventory + cost of goods manufactured- unadjusted cost of goods sold
= 33200 + 525200 - 544000
= $ 14400
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Santos Inc. had the following information for the preceding year: Beginning Inventory (1/1) Ending Inventory (12/31)...
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Santos Inc. had the following information for the preceding year Beginning Ending Inventory Inventory (1/1) (12/31). $ 42,700 $ 32,600 $ 39,800 $ ?? $ 34,000 $ ?? Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows Direct materials used Direct labor Manufacturing overhead applied Cost of Boods manufactured Cost of goods sold $208,500 $155, 200 $166,700 $522,700 $551,300 What was the ending Work in Process inventory balance on 123
Santos Inc. had the following information for the preceding year: Beginning Ending Inventory Inventory (1/1) (12/31) $ 49,000 $ 31,300 $ 38,000 $ ?? $ 30,500 $ ?? Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Direct materials used Direct labor Manufacturing overhead applied Cost of goods manufactured Cost of goods sold $205,700 $157,200 $167,000 $527,000 $553,700 What was the ending Work in Process Inventory balance on 12/31? What was...
Santos Inc had the following information for the preceding year: Beginning Ending Inventory Inventory 43,200 30,800 31,500 ?? (12/31) Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $40,300 $ ?? Additional information for the year is as follows: Direct materials used Direct labor Manufacturing overhead applied Cost of goods manufactured Cost of goods sold $203,900 $157,700 167,500 $533,200 $551,800 What was the ending Work in Process Inventory balance on 12/31? O $54,800 O $36,200 O $58,900 O $14,500
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Beginning balance in Work in Process Inventory $160,000
Ending balance in Work in Process Inventory 330,000
Beginning balance in Finished Goods Inventory 460,000
Ending balance in Finished Goods Inventory 390,000
Direct material cost 2,700,000
Direct labor cost 3,480,000
Manufacturing overhead 1,700,000
Selling and administrative expenses 1,330,000
Sales 8,920,000
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