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 InventoryThe 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 =...
Step by Step Answer:
Introduction to Managerial Accounting
ISBN: 978-1259103261
4th Canadian edition
Authors: Peter C. Brewer, Ray H Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan