General accounting Parker Manufacturing Company has the following account balances at year-end:Office supplies: $3,500 Raw materials: $32,000 Work-in-process: $45,000Finished goods: $68,000 Prepaid rent: $5,500What amount should Parker report as inventories in its statement offinancial position?A. $71,500B. $145,000C. $150,500D. $77,000

Inventories for a manufacturing company typically include:Raw materialsWork-in-processFinished…

Answered: Parker Manufacturing Company has the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

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Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
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