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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A: Cost of direct materials used :— It is the cost of direct materials used in the production process.…

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.