Blossom Manufacturing Company has the following account balances at year-end: Office supplies $6100 Raw materials 21100 Work-in-process 44100 Finished goods 52100 Prepaid insurance 8100 What amount should Blossom report as inventories in its balance sheet? Ο $96200. Ο $123400. Ο $117300. ○ $52100.
Added by Robert R.
Close
Step 1
Inventories include raw materials, work-in-process, and finished goods. Office supplies and prepaid insurance are not considered inventory. Show more…
Show all steps
Your feedback will help us improve your experience
Jenny Wu and 73 other Principles of Accounting educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Recommended Videos
Jenny W.
The following account balances at the beginning of January were selected from the general ledger of Frozen Juice Manufacturing Company: Work in process inventory: $0 Raw materials inventory: $28,900 Finished goods inventory: $40,000 Additional data: 1. Actual manufacturing overhead for January amounted to $63,400. 2. Total direct labor cost for January was $63,500. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,300 of direct labor cost and $350,800 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,900 (1,700 direct labor hours) and total direct material charges were $14,400. 5. Cost of direct materials placed in production during January totaled $123,800. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $35,500. 7. Finished goods inventory balance on January 31 was $35,300.
Sri K.
The following accounts are from last year's books at Sharp Manufacturing: Raw Materials Bal 0 (b) 154,000 (a) 164,000 10,000 Work In Process Bal 0 (f) 510,000 (b) 132,000 (c) 168,000 (e) 210,000 0 Finished Goods Bal 0 (g) 460,000 (f) 510,000 50,000 Manufacturing Overhead (b) 22,000 (e) 210,000 (c) 26,000 (d) 156,000 6,000 Cost of Goods Sold (g) 460,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of cost of goods manufactured for the year?
Manasvee S.
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD