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Morgan Manufacturing Company has the following account balances at year end:
Office supplies $ 38,000
Raw materials 84,000
Work-in-process 67,000
Finished goods 74,000
Prepaid insurance 6,000
1. What amount should Morgan report as inventories in its balance sheet?

Respuesta :

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Answer:

The amount Morgan should report as inventories in its balance sheet is $225,000

Explanation:

Inventory is the term for the goods available for sale and raw materials used to produce goods available for sale and generally categorized as Raw materials , Work-in-process , Finished goods , Manufacturing and packaging supplies in the  Manufacturing Company.

In Morgan Manufacturing Company,

Inventories = Raw materials + Work-in-process + Finished goods = $84,000 + $67,000 + $74,000 = $225,000

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