Accounting Question. Please help


Question Description:

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Accounting Question. Please help 1 answer below ยป XYZ Company recorded the following information related to their inventory accounts for January: January 1, 2003 January 31, 2003 Direct materials 15,000 ?
Work in process 15,000 10,000
Finished goods ? 7,000
Additional information is as follows: Cost of goods manufactured ………. $26,000
Direct labor …………………… 8,000
Applied overhead ……………….. 10,000
Net income …………………….. 40,000
S&A expenses …………………… 20,000
Sales revenue ………………….. 90,000
Calculate the finished goods inventory balance on January 1. Dec 06 2013 06:54 AM

Answer

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