TB MC Qu. 7-34 (Algo) The following events took place at a manufacturing... The following events took place at a manufacturing company for the current year: (1) Purchased $95,700 in direct materials.(2) Incurred labor costs as follows: (a) direct, $56,700 and (b) indirect, $14,300.(3) Other manufacturing overhead was $107,700, excluding indirect labor.(4) Transferred 80% of the materials to the manufacturing assembly line.(5) Completed 65% of the Work-in-Process during the year.(6) Sold 85% of the completed goods.(7) There were no beginning inventories.What is the value of the ending Finished Goods Inventory? Multiple Choice : A) $26,761.00. B) $13,401.50. C) $165,919.00. D) $24,887.85.

Answered: Image /qna-images/answer/b2898261-3ccd-4d2b-9406-684d56968db9.jpg

Answered: The following events took place at a…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

The following events took place at a manufacturing company for the current year:

(1) Purchased $95,700 in direct materials.
(2) Incurred labor costs as follows: (a) direct, $56,700 and (b) indirect, $14,300.
(3) Other manufacturing overhead was $107,700, excluding indirect labor.
(4) Transferred 80% of the materials to the manufacturing assembly line.
(5) Completed 65% of the Work-in-Process during the year.
(6) Sold 85% of the completed goods.
(7) There were no beginning inventories.