Question
Amco, Inc. manufactures stereo turntables in the United States. It reports its financial information on a calendar year basis. For its FY 2020 it shows
Amco, Inc. manufactures stereo turntables in the United States. It reports its financial information on a calendar year basis. For its FY 2020 it shows the following per unit information for its turntables: Inventory January 1 -0- Components and Materials Purchased FY 2020 $125 Transportation of Components to Amcos Factory 35 Insurance on Components and Materials Pending Delivery 10 Labor to Assemble Components into Finished Turntables 90 Office Overhead Related to Manufacture 30 Marketing Costs 80 Storage of Materials and Work in Process 10 Storage of Finished Goods 10 Security & Insurance for Finished Goods 10 Amcos Target Sales Price 500 Inventory Costing Method Used Specific Identification There are no sales during FY 2020. There is no work in process as of 12/31/2020. Assuming no other information is available or relevant, what is the DOLLAR VALUE of Amcos
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