5. The following information is available for Riqqio Manufacturing Company. January 1, 2020 2020 December 31,2020 Raw materials inventory $21,000 $30,000 Work in process inventory 18,500 17,200 Finished goods inventory 27,000 31,000 Materials purchased $170,000 Direct labor $200,000 Manufacturing overhead $180,000 Sales 900,000 Required: (a) Show the presentation of the ending inventories on the December 31, 2020 balance sheet. (b) How would the Balance sheet of a merchandising company be different from Riqqio’s financial statements?

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Q: 5. The following information is available for Riqio Manufacturing Company. January 1, 2020 2020…

A:

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.