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Raw materials on hand: 85,000 Raw materials used (including indirect materials of 35,000) : 258,000 Labor (including indirect labor of 22,000; selling expense of 45,000; and administrative expense of 60,000) : 275,00 Manufacturing overhead costs (including indirect materials and indirect labor): 135,000 Abnormal wasted materials and labor: 25,000 Finished goods on hand:160,000 How much inventory should be reported in the statement of financial position? (No need for a detailed solution. Simple solution will do.)

Raw materials on hand: 85,000 Raw materials used (including indirect materials of 35,000) : 258,000 Labor (including indirect labor of 22,000; selling expense of 45,000; and administrative expense of 60,000) : 275,00 Manufacturing overhead costs (including indirect materials and indirect labor): 135,000 Abnormal wasted materials and labor: 25,000 Finished goods on hand:160,000 How much inventory should be reported in the statement of financial position? (No need for a detailed solution. Simple solution will do.)

FINANCIAL ACCOUNTING
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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ABC Products provided the following information:                                                         

Raw materials on hand: 85,000

Raw materials used (including indirect materials of 35,000) : 258,000

Labor (including indirect labor of 22,000; selling expense of 45,000; and administrative expense of 60,000) : 275,00 

Manufacturing overhead costs (including indirect materials and indirect labor): 135,000                    

 Abnormal wasted materials and labor: 25,000

Finished goods on hand:160,000

                                                           
How much inventory should be reported in the statement of financial position? (No need for a detailed solution. Simple solution will do.)

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