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Nikitich [7]
3 years ago
14

The crawford company has 3,000 units in beginning finished goods. the sales budget shows expected sales to be 12,000 units. if t

he production budget shows that 14,000 units are required for production, what was the desired ending finished goods?
Business
1 answer:
Olenka [21]3 years ago
3 0
Formula: Finished Goods Inventory Beginning - Sales in units + Produced units= Ending Inventory

3000-12000+14000= 5000 Ending finished goods inventory in units
-ahnnahly
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Inventory is a collection of finished goods or items for manufacture held by a company for business purposes. The company could sell the inventory for profit. That means the products are finished and ready for selling as they are. Alternatively, the company could supply the goods to partner companies for further manufacturing. The products are then transformed or combined to become a different product. It depends on where the company is in the supply chain. Inventory is classed as a company asset. You note it as such on your balance sheet. The costs associated with buying, storing and selling inventory are tax-deductible expenses. The gross profit from the sale of inventory must be declared on your tax return as income. Making note of the expenses you incur from the inventory can lower your income tax amount.

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