g Crane Corporation incurred the following costs while manufacturing its product. Materials used in product$126,400Advertising expense$54,100 Depreciation on plant61,000Property taxes on plant21,800 Property taxes on store7,650Delivery expense27,300 Labor costs of assembly-line workers113,500Sales commissions38,400 Factory supplies used29,300Salaries paid to sales clerks55,400 Work in process inventory was $14,600 at January 1 and $16,700 at December 31. Finished goods inventory was $

Question

Business

Mollie Rogers

1 July, 01:52

g Crane Corporation incurred the following costs while manufacturing its product. Materials used in product$126,400Advertising expense$54,100 Depreciation on plant61,000Property taxes on plant21,800 Property taxes on store7,650Delivery expense27,300 Labor costs of assembly-line workers113,500Sales commissions38,400 Factory supplies used29,300Salaries paid to sales clerks55,400 Work in process inventory was $14,600 at January 1 and $16,700 at December 31. Finished goods inventory was $

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Kassidy Gray · Answer 1

124,300

Explanation:

Finished goods is the inventory which is completed during the period and is ready to be sold out. Finished goods is a part of available for sale inventory of a company. Crane corporations finished goods inventory on the year end December 31 is 124,300. This is calculated as follows,

Finished goods inventory = Beginning Work in process - Materials added - Ending work in process.

Finished goods inventory = $14,600 + $126,400 - $16,700

Finished goods inventory = 124,300