The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,400 ? Transferred Out Purchases ? End. Bal. 6,800 Cost of Goods Sold 61,000 Work-in-Process Inventory Beg. Bal. 7,900 ? Transferred Out Materials 18,800 Labor 13,900 Overhead 8,400 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 39,900 End. Bal. 4,600 What is the value of the beginning Finished Goods Inventory? Multiple Choice $25,700. $13,700. $4,600. $0.
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,400 ? Transferred Out Purchases ? End. Bal. 6,800 Cost of Goods Sold 61,000 Work-in-Process Inventory Beg. Bal. 7,900 ? Transferred Out Materials 18,800 Labor 13,900 Overhead 8,400 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 39,900 End. Bal. 4,600 What is the value of the beginning Finished Goods Inventory? Multiple Choice $25,700. $13,700. $4,600. $0.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts.
| Direct Materials Inventory | |||
| Beg. Bal. | 8,400 | ? | Transferred Out |
| Purchases | ? | ||
| End. Bal. | 6,800 |
| Cost of Goods Sold | |||
| 61,000 | |||
| Work-in-Process Inventory | |||
| Beg. Bal. | 7,900 | ? | Transferred Out |
| Materials | 18,800 | ||
| Labor | 13,900 | ||
| Overhead | 8,400 | ||
| End. Bal. | ? |
| Finished Goods Inventory | |||
| Beg. Bal. | ? | ? | Transferred Out |
| Transferred in | 39,900 | ||
| End. Bal. | 4,600 |
What is the value of the beginning Finished Goods Inventory?
Multiple Choice
-
$25,700.
-
$13,700.
-
$4,600.
-
$0.
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