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Beginning balance, Raw Materials Inventory $187700 Beginning balance, Work in Process Inventory 298000 Beginning balance Finished Goods Inventory Purchases of raw materials Factory electricity Direct labor payroll Depreciation on factory equipment Insurance on factory building Indirect materials used in production Total raw materials used in production Indirect labor payroll Cost of goods manufactured Cost of Goods Sold 106500 $314650 $52300 $364350 336400 62300 200000 218900 49700 43450 407800 159000 1260000 1312300 What was the ending balance in Concord's Finished Goods Inventory account at December 31?

Beginning balance, Raw Materials Inventory $187700 Beginning balance, Work in Process Inventory 298000 Beginning balance Finished Goods Inventory Purchases of raw materials Factory electricity Direct labor payroll Depreciation on factory equipment Insurance on factory building Indirect materials used in production Total raw materials used in production Indirect labor payroll Cost of goods manufactured Cost of Goods Sold 106500 $314650 $52300 $364350 336400 62300 200000 218900 49700 43450 407800 159000 1260000 1312300 What was the ending balance in Concord's Finished Goods Inventory account at December 31?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concord Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187700 Beginning balance, Work in Process Inventory 298000 Beginning balance Finished Goods Inventory Purchases of raw materials Factory electricity Direct labor payroll Depreciation on factory equipment Insurance on factory building Indirect materials used in production Total raw materials used in production Indirect labor payroll Cost of goods manufactured Cost of Goods Sold 106500 $314650 $52300 $364350 $54200 336400 62300 200000 218900 49700 43450 407800 159000 1260000 1312300 What was the ending balance in Concord's Finished Goods Inventory account at December 31?
Transcribed Image Text:Concord Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187700 Beginning balance, Work in Process Inventory 298000 Beginning balance Finished Goods Inventory Purchases of raw materials Factory electricity Direct labor payroll Depreciation on factory equipment Insurance on factory building Indirect materials used in production Total raw materials used in production Indirect labor payroll Cost of goods manufactured Cost of Goods Sold 106500 $314650 $52300 $364350 $54200 336400 62300 200000 218900 49700 43450 407800 159000 1260000 1312300 What was the ending balance in Concord's Finished Goods Inventory account at December 31?
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