On December 31, Pitts Manufacturing Company reports the following assets: Cash 50000 Work in process 176000 Equipment 950000 Building $ 1200000 Raw materials 74000 Marketable securities 25,000 Finished goods 150000 Goodwill 50000

On December 31, Pitts Manufacturing Company reports the following assets: Cash 50000 Work in process 176000 Equipment 950000 Building $ 1200000 Raw materials 74000 Marketable securities 25,000 Finished goods 150000 Goodwill 50000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

On December 31, Pitts Manufacturing Company reports the following assets:

Cash 50000

Work in process 176000

Equipment 950000

Building $ 1200000

Raw materials 74000

Marketable securities 25,000

Finished goods 150000

Goodwill 50000

1. What is the total amount of Pitts’ inventory at year-end?

Definition Definition Intangible asset that includes proprietary or intellectual property and brand value of a firm. Goodwill is recorded in the books when a firm purchases another firm and the purchase price is more than the fair value of net identifiable assets of the acquired business. The amount of goodwill is recorded on the asset side of the balance sheet (statement of financial position).

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