1. Sunny Manufacturing Company has the following account balances at year end: Supplies $...
90.2K
Verified Solution
Link Copied!
Question
Accounting
1. Sunny Manufacturing Company has the following account balances at year end:
Supplies $ 4,000
Raw materials 27,000
Work-in-process 59,000
Finished goods 92,000
Prepaid insurance 6,000
What amount should Lawson report as inventories in its statement of financial position? $
2. Citizens Inc. took a physical inventory at the end of the year and determined that $650,000 of goods were on hand. In addition, Citizen Inc. determined that $50,000 of goods that were in transit that were shipped f.o.b. shipping were actually received two days after the inventory count and that the company had $75,000 of goods out on consignment. What amount should Citizen report as inventory at the end of the year? $
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
