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.)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 23E: Orinder Company provided the following information for the last calendar year: During the year,...
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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
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