Office supplies $ 4,000 377,000 59,000 82,000 6,000 8,000 5,000 2,000 Raw materials Work-in-process Finished goods Prepaid insurance Freight-in Freight-out Purchase returns What amount should Morgan report as inventories in its balance sheet? a. $432,000. b. $439,000. c. $524,000. d. $533,000.
Office supplies $ 4,000 377,000 59,000 82,000 6,000 8,000 5,000 2,000 Raw materials Work-in-process Finished goods Prepaid insurance Freight-in Freight-out Purchase returns What amount should Morgan report as inventories in its balance sheet? a. $432,000. b. $439,000. c. $524,000. d. $533,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![1. Morgan Manufacturing Company has the following account balances at year end:
$ 4,000
377,000
59,000
82,000
6,000
8,000
5,000
2,000
Office supplies
Raw materials
Work-in-process
Finished goods
Prepaid insurance
Freight-in
Freight-out
Purchase returns
What amount should Morgan report as inventories in its balance sheet?
a. $432,000.
b. $439,000.
c. $524,000.
d. $533,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F602d2c85-82ae-412c-9176-67f6704fd9f4%2F4ec58eb8-9097-4e2a-a5ae-43f241245e60%2F2g4m6h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1. Morgan Manufacturing Company has the following account balances at year end:
$ 4,000
377,000
59,000
82,000
6,000
8,000
5,000
2,000
Office supplies
Raw materials
Work-in-process
Finished goods
Prepaid insurance
Freight-in
Freight-out
Purchase returns
What amount should Morgan report as inventories in its balance sheet?
a. $432,000.
b. $439,000.
c. $524,000.
d. $533,000.
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