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Question 10(1 point) REYNOLDS INVENTORY FLOWS PROBLEM: Reynolds Company has beginning inventory balances...

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Accounting

Question 10(1 point)
REYNOLDS INVENTORY FLOWS PROBLEM: Reynolds Company has beginning
inventory balances of $120,000 for raw materials inventory, $30,000 for work in
process inventory, and $400,000 for finished goods inventory. During the period,
Reynolds purchased $340,000 worth of materials and placed $370,000 worth of
materials into production. Reynolds incurred $900,000 in direct labor costs and
applied $710,000 in overhead during the period. The cost of goods completed
during the period was $1,990,000 and the cost of goods sold to customers during
the period was $2,100,000.
What is Reynolds' ending balance for FINISHED GOODS INVENTORY?
$290,000
$510,000
$440,000
$400,000
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