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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