FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is for Pharoah Inc. for the year 2022: Manufacturing costs $3,014,400 Number of gloves manufactured 314,000 pairs Beginning inventory 0 pairs Sales

The following information is for Pharoah Inc. for the year 2022:

Manufacturing costs $3,014,400
Number of gloves manufactured 314,000 pairs
Beginning inventory 0 pairs

Sales in 2022 were 312,500 pairs of gloves for $20 per pair.

What is the cost of the finished goods ending inventory for 2022?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Entrepreneurship

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Accounting questions

Question

★★★★★
How Geranyl pyrophosphate is converted into farnesyl pyrophosphate. OH farnesol

Answered: 1 week ago

Question

★★★★★
Is it tenure-track, tenured, or something other designation?

Answered: 1 week ago

Question

★★★★★
BSP Company completed the following transactions during fiscal year 2014: January 1 Purchased a patent for $ 28,000 cash, with an estimated useful life of seven years. April 1 Purchased the assets...

Answered: 1 week ago

Question

★★★★★
Instructions Calculate the revenue for the year on a cash basis

Answered: 1 week ago

Question

★★★★★
Week Actual Forecast 1 3 3 . 2 3 6 . 3 2 2 7 . 6 3 7 . 0 3 5 1 . 9 7 1 . 8 4 4 8 . 9 4 9 . 9 5 7 4 . 5 7 9 . 7 6 7 5 . 4 7 6 . 4 7 8 9 . 3 9 4 . 5 8 9 1 . 5 1 1 1 . 4 9 1 0 4 . 1 1 0 7 . 2 1 0 1 1 4...

Answered: 1 week ago

Question

★★★★★
The post-closing trial balance at 30 June 2020 of Payneham Professional Services is shown below. Transactions completed during the year ended 30 June 2021 are summarised below: 1. Collections on...

Answered: 1 week ago

Question

★★★★★
A B C 1) An object moves along the line from point 1 to point 2 in time t. 2 a) Suppose that the object is speeding up. Which of the labeled points A, B, or C could correspond to the location of the...

Answered: 1 week ago

Question

★★★★★
Harry Hype has $5,000 to spend on advertising a new kind of dehydrated sushi. Market research shows that the people most likely to buy this new product are recent recipients of M.B.A. degrees and...

Answered: 1 week ago

Question

★★★★★
1. A source of yellow light ( = 570 nm) produces interference through two narrow slits separated by a distance of 0.01cm. A screen is placed 3m away. a. How far from the central max is the fifth...

Answered: 1 week ago

Question

★★★★★
You are revising your company's talent acquisition strategy to make it more competitive and appealing to potential candidates. Part of your strategy involves clearly presenting the compensation...

Answered: 1 week ago

Question

★★★★★
Provide a constructive response that is respectful and academic tone to the following post that expands the conversation: Hello everyone, my name is Chuong Nguyen. I come from Vietnam and have been...

Answered: 1 week ago

Previous Question Next Question