Morgan Manufacturing Company has the following account balances at year-end: Office supplies Raw materials Work-in-process Finished goods $4,000 $27,000 $59,000 $72,000 Prepaid insurance $6,000 What amount should Morgan report as inventories in its statement of financial position? A. $72,000 B. $76,000 C. $162,000 D. $158,000
Morgan Manufacturing Company has the following account balances at year-end: Office supplies Raw materials Work-in-process Finished goods $4,000 $27,000 $59,000 $72,000 Prepaid insurance $6,000 What amount should Morgan report as inventories in its statement of financial position? A. $72,000 B. $76,000 C. $162,000 D. $158,000
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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Transcribed Image Text:Morgan Manufacturing Company has the following account
balances at year-end:
Office supplies
Raw materials
Work-in-process
Finished goods
$4,000
$27,000
$59,000
$72,000
Prepaid insurance $6,000
What amount should Morgan report as inventories in its
statement of financial position?
A. $72,000
B. $76,000
C. $162,000
D. $158,000
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