Santos Inc. had the following information for the preceding year: Beginning Inventory (1/1) Ending Inventory (12/31) Raw
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Question:
Santos Inc. had the following information for the preceding year:
| Beginning Inventory (1/1) | Ending Inventory (12/31) |
Raw Materials Inventory | $40,000 | $30,000 |
Work in Process Inventory | $35,000 | $?? |
Finished Goods Inventory | $30,000 | $?? |
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?
a) $20,000
b) $11,000
c) $54,000
d) $50,000
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