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21 September, 05:33

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?

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  1. 21 September, 07:23
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    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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