Answer:
Wealth Company
The ending balance of Finished Goods is:
= $28,000
Explanation:
a) Data and Calculations:
Raw materials $300,000 Accounts Payable $300,000
Work in Process $75,000 Raw materials $75,000
Work in Process $50,000 Payroll Payable $50,000
Manufacturing overhead $30,000 Overhead Payable $30,000
Work in Process $25,000 Manufacturing Overhead $25,000
Finished Goods $50,000 Work-in-Process $50,000
Cost of goods sold $34,000 Finished Goods $34,000
Balances at the beginning of the month were:
Materials $34,240
Work-in-Process 0
Finished Goods $12,000
Finished Goods $12,000
Work in process 50,000
Cost of goods (34,000)
Ending balance $28,000
