Question
1. Refshy Company has beginning inventory balances of $120,000 for raw materials inventory, $30,000 for work in process inventory, and $400,000 for finished goods inventory.
1. Refshy Company has beginning inventory balances of $120,000 for raw materials inventory, $30,000 for work in process inventory, and $400,000 for finished goods inventory. During the period, Refshy purchased $340,000 worth of materials and placed $370,000 worth of materials into production. Refshy incurred $900,000 in direct labor costs and applied $710,000 in overhead during the period. The cost of goods completed during the period was $1,990,000 and the cost of goods sold to customers during the period was $2,100,000.
What is Refshy's ending balance for FINISHED GOODS INVENTORY?
A. $510,000
B. $400,000
C. $290,000
D. $440,000
2. Refshy Company has beginning inventory balances of $120,000 for raw materials inventory, $30,000 for work in process inventory, and $400,000 for finished goods inventory. During the period, Refshy purchased $340,000 worth of materials and placed $370,000 worth of materials into production. Refshy incurred $900,000 in direct labor costs and applied $710,000 in overhead during the period. The cost of goods completed during the period was $1,990,000 and the cost of goods sold to customers during the period was $2,100,000.
What will Refshy's Work-in-Process Inventory t-account look like at the end of the period?
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Managerial Accounting A Focus on Ethical Decision Making
Authors: Steve Jackson, Roby Sawyers, Greg Jenkins
5th edition
978-0324663853
