I need answer of this question solution general 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

SolutionTotal inventory = raw materials + woork-in-process + finished goodsTotal inventory = $27,000…

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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