Santos Inc. had the following information for the preceding year:

Additional information for the year is as follows:

Direct materials used???????????????$ 200,000

Direct labor??????????????????...$ 150,000

Manufacturing overhead applied??????????..$ 160,000

Cost of goods manufactured????????????$ 525,000

Unadjusted cost of goods sold???????????$ 544,000

What was the ending Finished Goods Inventory balance on 12/31?

$20,000

$11,000

$54,000

$50,000

Transcribed Image Text:

Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Beginning Inventory (1/1) $ 40,000 $ 35,000 S $ 30,000 Ending Inventory (12/31) $ 30,000 S ?? ?? Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Beginning Inventory (1/1) $ 40,000 $ 35,000 S $ 30,000 Ending Inventory (12/31) $ 30,000 S ?? ??

Answer rating: 100% (QA)

Unadjusted cost of goods soldbeginning finished goods inv... View the full answer