Comfort Shoes Manufacturing Company began business on January 1, 2016. During its firstyear of operation, Comfort Shoes worked on 5 jobs, and reported the following informationat year-end:Job #Manufacturing0/H Applied$15,000DirectDirectMaterialsLabour$45,00075,00040,00035,00015,000$85,000200,000130,000120,0008,00010110260,00010325,00075,0002,000104105• Actual manufacturing overheads incurred on Jobs 101 – 105 during the period amountedto $189,000.• Jobs 101 – 104 were completed and transferred out to Finished Goods Inventory.• Jobs 101 & 102 were sold for $250,000 & $390,000 respectively.At year-end, what was the balance in Finished Goods Inventory?O a. $905,000O b. $195,000Oc. $450,000O d. $425,000

In the above situation, Comfort shoes manufacturing company worked on 5 jobs out of which Job 101…

Answered: Comfort Shoes Manufacturing year of…

Business

Accounting

Comfort Shoes Manufacturing year of operation, Comfort Shc at year-end: Job # Direct Materials La 101 $45,000 $85

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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