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Red Tail Manufacturing, Inc. provided the following information for the year: Purchases-Raw Materials Plant Utilities and Insurance Indirect Materials Used Indirect Labor Direct Materials Used in Production Direct Labor $90,000 68,000 11,140 4,590 98,000 117,500 Depreciation on Factory Plant and Equipment 7,000 Cost of Goods Manufactured Cost of Goods Sold 291,500 290,500 The inventory account balances as of January 1 are given below: Raw Materials Inventory $46,000 Work-in Process Inventory 12,000 Finished Goods Inventory 304,530 What is the ending balance in the Finished Goods Inventory? A. $304,530 B. $596,030 C. $305,530 D. $303,530

Red Tail Manufacturing, Inc. provided the following information for the year: Purchases-Raw Materials Plant Utilities and Insurance Indirect Materials Used Indirect Labor Direct Materials Used in Production Direct Labor $90,000 68,000 11,140 4,590 98,000 117,500 Depreciation on Factory Plant and Equipment 7,000 Cost of Goods Manufactured Cost of Goods Sold 291,500 290,500 The inventory account balances as of January 1 are given below: Raw Materials Inventory $46,000 Work-in Process Inventory 12,000 Finished Goods Inventory 304,530 What is the ending balance in the Finished Goods Inventory? A. $304,530 B. $596,030 C. $305,530 D. $303,530

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Red Tail Manufacturing, Inc. provided the following information for the year: Purchases-Raw Materials Plant Utilities and Insurance Indirect Materials Used Indirect Labor Direct Materials Used in Production Direct Labor $90,000 68,000 11,140 4,590 98,000 117,500 Depreciation on Factory Plant and Equipment 7,000 Cost of Goods Manufactured Cost of Goods Sold 291,500 290,500 The inventory account balances as of January 1 are given below: Raw Materials Inventory $46,000 Work-in Process Inventory 12,000 Finished Goods Inventory 304,530 What is the ending balance in the Finished Goods Inventory? A. $304,530 B. $596,030 C. $305,530 D. $303,530
Transcribed Image Text:Red Tail Manufacturing, Inc. provided the following information for the year: Purchases-Raw Materials Plant Utilities and Insurance Indirect Materials Used Indirect Labor Direct Materials Used in Production Direct Labor $90,000 68,000 11,140 4,590 98,000 117,500 Depreciation on Factory Plant and Equipment 7,000 Cost of Goods Manufactured Cost of Goods Sold 291,500 290,500 The inventory account balances as of January 1 are given below: Raw Materials Inventory $46,000 Work-in Process Inventory 12,000 Finished Goods Inventory 304,530 What is the ending balance in the Finished Goods Inventory? A. $304,530 B. $596,030 C. $305,530 D. $303,530
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