Nazaro’s Boot Company makes specialty boots for the rodeo circuit. At the beginning of the year, the company had (a) 300 pairs of boots in finished goods inventory and (b) 1,800 heels at a cost of $15 each in raw materials inventory. During the year, the company purchased 41,000 additional heels at $15 each and manufactured 16,400 pairs of boots. Required: 1. Determine the unit and dollar amounts of raw materials inventory in heels at year-end. Number of units Cost per unit Total cost Beginning inventory Purchases during the year Inventory available for production Less: Inventory transferred into production Ending inventory
Nazaro’s Boot Company makes specialty boots for the rodeo circuit. At the beginning of the year, the company had (a) 300 pairs of boots in finished goods inventory and (b) 1,800 heels at a cost of $15 each in raw materials inventory. During the year, the company purchased 41,000 additional heels at $15 each and manufactured 16,400 pairs of boots. Required: 1. Determine the unit and dollar amounts of raw materials inventory in heels at year-end. Number of units Cost per unit Total cost Beginning inventory Purchases during the year Inventory available for production Less: Inventory transferred into production Ending inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Nazaro’s Boot Company makes specialty boots for the rodeo circuit. At the beginning of the year, the company had (a) 300 pairs of boots in finished goods inventory and (b) 1,800 heels at a cost of $15 each in raw materials inventory. During the year, the company purchased 41,000 additional heels at $15 each and manufactured 16,400 pairs of boots.
Required:
1. Determine the unit and dollar amounts of raw materials inventory in heels at year-end.
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