### Mendez Inc. Inventory Information for the Year#### Inventory Balances- **Beginning Inventory (1/1)** - Work in Process Inventory: $ ?? - Finished Goods Inventory: $ ??- **Ending Inventory (12/31)** - Work in Process Inventory: $35,000 - Finished Goods Inventory: $30,000#### Additional Information for the Year- **Direct Materials Used**: $200,000- **Direct Labor**: $150,000- **Manufacturing Overhead Applied**: $160,000- **Cost of Goods Manufactured**: $525,000- **Cost of Goods Sold**: $540,000#### QuestionWhat was the beginning Work in Process Inventory balance on 1/1?

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Description: ### Mendez Inc. Inventory Information for the Year#### Inventory Balances- **Beginning Inventory (1/1)** - Work in Process Inventory: $ ?? - Finished Goods Inventory: $ ??- **Ending Inventory (12/31)** - Work in Process Inventory: $35,000 - Fini

Total manufacturing costs = Direct material + direct labor + manufacturing overhead =…

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Mender Inc. had the folowing hnformaton for the preceding year. Beginning Ending Inventory Inventory (12/31) (1/1) $ ?7 $ 35,000 $ 72 $ 30,00 Fork is Frocess Iaventory Finished Coods Inventory Additioral information for the year is as follows: Direct materials used $200,000 $150,000 Direct labor Yamfactıring overhead applied $160,000 Cost of goods manufactured Cost of goods sold $525,000 $54,000 What was the beginning Work in Process Inventory balance on 1?

Mender Inc. had the folowing hnformaton for the preceding year. Beginning Ending Inventory Inventory (12/31) (1/1) $ ?7 $ 35,000 $ 72 $ 30,00 Fork is Frocess Iaventory Finished Coods Inventory Additioral information for the year is as follows: Direct materials used $200,000 $150,000 Direct labor Yamfactıring overhead applied $160,000 Cost of goods manufactured Cost of goods sold $525,000 $54,000 What was the beginning Work in Process Inventory balance on 1?

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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### Mendez Inc. Inventory Information for the Year

#### Inventory Balances

- **Beginning Inventory (1/1)**
- Work in Process Inventory: $ ??
- Finished Goods Inventory: $ ??

- **Ending Inventory (12/31)**
- Work in Process Inventory: $35,000
- Finished Goods Inventory: $30,000

#### Additional Information for the Year

- **Direct Materials Used**: $200,000
- **Direct Labor**: $150,000
- **Manufacturing Overhead Applied**: $160,000
- **Cost of Goods Manufactured**: $525,000
- **Cost of Goods Sold**: $540,000

#### Question

What was the beginning Work in Process Inventory balance on 1/1?

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Subject: accounting
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