Ask Question
5 June, 19:08

Here are selected data for Sunny Sky Corporation: Beginning raw materials inventory $37,000 Beginning work in process inventory $62,200 Beginning finished goods inventory $58,300 Cost of materials purchased $151,000 Cost of direct materials requisitioned $91,300 Direct labor incurred $135,000 Actual manufacturing overhead $160,000 Cost of goods manufactured $287,000 Cost of goods sold $265,000 Manufacturing overhead rate (per dollar of direct labor cost) $1.25 What is the finished goods ending inventory

0
Answers (1)
  1. 5 June, 19:49
    0
    Value of closing inventory = $60,300

    Explanation:

    The closing inventory represents the value of goods available for sale but yet to be sold as at the end of a particular period of time. It is calculated as follows:

    Closing inventory = opening inventory + goods manufactured - cost of goods sold

    58,300 + 287,000 - 285,000 = 60,300

    Value of closing inventory = $60,300
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Here are selected data for Sunny Sky Corporation: Beginning raw materials inventory $37,000 Beginning work in process inventory $62,200 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers