What amount should All-out report as inventories in its statement of financial position ALL-OUT Manufacturing Company has the followingaccount balances at year-end:Office Supplies$5,000Raw Materials$30,000Work-in-Process $65,000Finished Goods$78,000Prepaid Insurance $7,000What amount should ALL-OUT report as inventoriesin its statement of financial position?

Step 1: Definition of Inventories in ManufacturingIn a manufacturing company, inventory includes:Raw…

Answered: ALL-OUT Manufacturing Company has the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

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Chapter4: Job Order Costing

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Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

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The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $54,800 Factory Insurance $5,300 Raw Materials Inventory 6/30/20 49,200 Factory Machinery Depreciation 16,500 Finished Goods Inventory 7/1/19 96,400 Factory Utilities 29,500 Finished Goods Inventory 6/30/20 28,500 Office Utilities Expense 9,250 Work in Process Inventory 7/1/19 22,600 Sales Revenue 561,300 Work in Process Inventory 6/30/20 27,300 Sales Discounts 4,500 Direct Labor 139,550 Plant Manager’s Salary 66,100 Indirect Labor 24,960 Factory Property Taxes 9,710 Accounts Receivable 34,900 Factory Repairs 2,300 Raw Materials Purchases 99,500 Cash 36,300 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (b) Prepare an income statement through gross profit. (c) Prepare the current assets…
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ALL-OUT Manufacturing Company has the following account balances at year-end: Office Supplies $5,000 Raw Materials $30,000 Work-in-Process $65,000 Finished Goods $78,000 Prepaid Insurance $7,000 What amount should ALL-OUT report as inventories in its statement of financial position?