Warren Manufacturing began business on January 1. During its first year of operation, Warren worked on five industrial jobs and reported the following information at year - end: Job 1 Job 2 Job 3 Job 4 Job 5 $1,000 12,000 $7,500 20,000 $4,800 13,800 Direct Materials $3,700 $1,500 Direct Labor 12,700 800 Allocated Mfg. Overhead 1,500 6,000 2,400 7,100 200 Not Oct 15 Not sold Job completed: Jun 30 Sep 1 Sep 12 $39,000 Nov 1 completed Not sold Job sold: Jul 10 N/A Revenues: $25,000 N/A N/A N/A What was the balance in Finished Goods Inventory at year - end? O A. $44,500 O B. $35,000 OC. $21,000 O D. $23,500
Warren Manufacturing began business on January 1. During its first year of operation, Warren worked on five industrial jobs and reported the following information at year - end: Job 1 Job 2 Job 3 Job 4 Job 5 $1,000 12,000 $7,500 20,000 $4,800 13,800 Direct Materials $3,700 $1,500 Direct Labor 12,700 800 Allocated Mfg. Overhead 1,500 6,000 2,400 7,100 200 Not Oct 15 Not sold Job completed: Jun 30 Sep 1 Sep 12 $39,000 Nov 1 completed Not sold Job sold: Jul 10 N/A Revenues: $25,000 N/A N/A N/A What was the balance in Finished Goods Inventory at year - end? O A. $44,500 O B. $35,000 OC. $21,000 O D. $23,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Warren Manufacturing began business on January 1. During its first year of operation, Warren worked on five industrial jobs and reported the following information at year - end:
Job 1
Job 2
Job 3
Job 4
Job 5
Direct Materials
$1,000
12,000
1,500
$3,700
12,700
7,100
$7,500
$4,800
13,800
$1,500
Direct Labor
20,000
800
Allocated Mfg. Overhead
6,000
2,400
200
Not
Job completed:
Jun 30
Oct 15
Nov 1 completed
Sep 1
Sep 12
$39,000
Job sold:
Jul 10
Not sold
Not sold
N/A
Revenues:
$25,000
N/A
N/A
N/A
What was the balance in Finished Goods Inventory at year - end?
O A. $44,500
О В. $35,000
O C. $21,000
D. $23,500
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