**Concord Corporation Account Balances at Year End**- **Office Supplies:** $3,900- **Raw Materials:** $27,500- **Work-in-Process:** $59,500- **Finished Goods:** $96,500- **Prepaid Insurance:** $5,600**Question:** What amount should Concord report as inventories on its balance sheet?**Options:**- $96,500- $100,400- $183,500- $187,400**Explanation for Inventory Reporting:**To determine the total inventory, add the values for raw materials, work-in-process, and finished goods:- Raw Materials: $27,500- Work-in-Process: $59,500- Finished Goods: $96,500**Total Inventory Calculation:**\[ \text{Total Inventory} = 27,500 + 59,500 + 96,500 = 183,500\]**Correct Answer:** $183,500This is the amount that should be reported as inventories in the balance sheet. Note that office supplies and prepaid insurance are not included in inventory calculations.

Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a business to sell them into the market to earn a profit. Calculation of the amount of inventory to be reported in the balance sheet of C company as follows: Result of the above:Therefore, the option is $183,500.

Business

Accounting

Concord Corporation has the following account balances at year end: Office supplies $ 3900 Raw materials 27500 Work-in-process 59500 Finished goods 96500 Prepaid insurance 5600 What amount should Concord report as inventories in its balance sheet? $96500. $100400. $183500. $187400.

Concord Corporation has the following account balances at year end: Office supplies $ 3900 Raw materials 27500 Work-in-process 59500 Finished goods 96500 Prepaid insurance 5600 What amount should Concord report as inventories in its balance sheet? $96500. $100400. $183500. $187400.

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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