The following partial income statement information is available for Gresham Products for June 2015: Sales . .

Question:

The following partial income statement information is available for Gresham Products for June 2015:

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $800,000
Beginning finished goods inventory . . . . . . . . . . . . . . . . . . . 300,000
Cost of goods manufactured . . . . . . . . . . . . . . . . . . . . . . . . . 570,000
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000
Nonmanufacturing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000


Required:

1. What was the value of the ending inventory of finished goods?

2. If the beginning work-in-process inventory was $120,000 and there was no ending work-in-process inventory, what was the total manufacturing cost in June 2015?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...
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Related Book For  answer-question

Introduction to Managerial Accounting

ISBN: 978-1259103261

4th Canadian edition

Authors: Peter C. Brewer, Ray H Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan

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