Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What was the balance in Finished Goods Inventory at the end of the year? On January 1, Feldstein Manufacturing had a beginning balance in Work-in

What was the balance in Finished Goods Inventory at the end of the year?

image text in transcribed

On January 1, Feldstein Manufacturing had a beginning balance in Work-in - Process Inventory of $83,200 and a beginning balance in Finished Goods Inventory of $21,100. During the year, Feldstein incurred manufacturing costs of $350,300. During the year, the following transactions occurred: Job A-12 was completed for a total cost of $120,200 and was sold for $125,300. Job A-13 was completed for a total cost of $200,300 and was sold for $211,500. Job A-15 was completed for a total cost $68,000 but was not sold as of year-end. What was the balance in Finished Goods Inventory at the end of the year? O A. $89,100 credit balance O B. $388,500 debit balance O C. $409,600 debit balance OD. $89, 100 debit balance

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

How To Audit Anything The Pink Book Of Auditing Any Process

Authors: R. Alakbarov

1st Edition

1520195575, 978-1520195575

More Books

Students also viewed these Accounting questions

Question

What is the environment we are trying to create?

Answered: 1 week ago

Question

How can we visually describe our goals?

Answered: 1 week ago