Keck Co. had 450 units of product A on hand at January 1, 2010, costing $42 each. Purchases of product A during January were as follows: A physical count on January 31, 2010 shows 600 units of product A on hand. The cost of the inventory at January 31, 2010 under the FIFO method is $24, 600. $56, 700. $28, 200. $25, 500. Morgan Manufacturing Company has the following account balances at year end: Office supplies $4,000 Raw materials 27,000 Work-in-process 59,000 Finished goods 72,000 Prepaid insurance 6,000 What amount should Morgan report as inventories in its statement of financial position? $72,000. $76,000. $162,000. $158,000. Tang, Inc. sells collectible jewelry on consignment from various manufacturers and should include this consigned inventory on its statement of financial position. True False Bell Inc. took a physical inventory at the end of the year and determined that $650,00 of goods were on hand. In addition, Bell, Inc. determined that $50,000 of goods that were in transit that were shipped f.o.b. shipping were actually received two days the inventory count and that the company had $75,000 of goods out on What amount should Bell report as inventory at the end of the year? $700,000. $775,000. $650,000. $725,000