Get correct answer accounting Morgan Manufacturing Company has the following accountbalances at year-end:Office suppliesRaw materialsWork-in-processFinished goods$4,000$27,000$59,000$72,000Prepaid insurance $6,000What amount should Morgan report as inventories in itsstatement of financial position?A. $72,000B. $76,000C. $162,000D. $158,000

Step 1: Define Statement of Financial PositionThe company's assets, liabilities, and equity are…

Answered: Morgan Manufacturing Company has the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 12EB: Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the...

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Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
Concord Corporation has the following account balances at year end: Office supplies $ 3900 Raw materials 27500 Work-in-process Finished goods 59500 96500 Prepaid insurance 5600 What amount should Concord report as inventories in its balance sheet? $96500. $100400. $183500. $187400.
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Principles of Accounting Volume 2

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