Information related to Burns Iron Works appears below. What is the ending balance in the finished goods inventory account? Cost of goods sold 128,000 Cost of goods manufactured 146,000 Beginning finished goods inventory 29,000 Total current manufacturing costs 121,000

Information related to Burns Iron Works appears below. What is the ending balance in the finished goods inventory account? Cost of goods sold 128,000 Cost of goods manufactured 146,000 Beginning finished goods inventory 29,000 Total current manufacturing costs 121,000

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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Question

Information related to Burns Iron Works appears below. What is the ending balance in the finished goods inventory account?

Cost of goods sold	128,000
Cost of goods manufactured	146,000
Beginning finished goods inventory	29,000
Total current manufacturing costs	121,000

Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.

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