Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information has been taken from the perpetual inventory system of Imperial Mfg. Co. for the month ended September 30: Purchases of direct materials

The following information has been taken from the perpetual inventory system of Imperial Mfg. Co. for the month ended September 30:

Purchases of direct materials $ 85,000
Direct materials used $ 64,400
Direct labor costs assigned to production $ 26,000
Manufacturing overhead costs incurred $ 46,500

Balances in inventory Sept 30 Sept 1
Materials $ ? 55,000
Work in Process $ 35,000 51,500
Finished Goods $ 62,000 67,000

The total amount of inventory to be included in Imperial 's September 30th balance sheet amounts to:

a $172,600.

b $97,000.

c $237,000.

d Some other amount.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Measuring Business Interruption Losses And Other Commercial Damages An Economic Approach

Authors: Patrick A. Gaughan

3rd Edition

1119647916, 9781119647911

More Books

Students also viewed these Accounting questions

Question

How do you add two harmonic motions having different frequencies?

Answered: 1 week ago