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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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
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.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education