Question
Taylored Ts is a sole proprietorship owned and operated by Taylor Breckitt. TTs takes plain t-shirts and prints or sews logos and designs for customers.
Taylored Ts is a sole proprietorship owned and operated by Taylor Breckitt. TTs takes plain t-shirts and prints or sews logos and designs for customers. Taylor is required to file financial statements with his bank each month in order to keep their credit line open. TTs reported the following results for March:
Beginning Raw Materials Inventory | $500 |
Ending Raw Materials Inventory: | $750 |
Beginning Work in Process Inventory: | $3,200 |
Beginning Finished Goods Inventory: | $2,500 |
Ending Finished Goods Inventory: | $2,200 |
Cost of Goods Sold: | $42,500 |
Materials Purchased: | $49,000 |
Indirect Materials Used: | $9,000 |
Direct Labor Wages: | $50,000 |
Indirect Labor Wages: | $6,100 |
Production Equipment Depreciation: | $2,600 |
Equipment Maintenance: | $1,800 |
Factory Rent: | $5,400 |
Office Supplies Used: | $1,250 |
Selling and Administrative Expenses: | $11,100 |
The bank is especially concerned about the Working Capital ratio, so they want to be sure that TT is reporting their assets fairly.
What was TTs Ending Work in Process Inventory for the period?
Select one or more:
a. $38,880
b. $154,850
c. $94,205
d. $75,650
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