Mendez Inc. had the following information for the preceding year: Beginning Endi

Question

Mendez Inc. had the following information for the preceding year: Beginning Ending Inventory Inventory Work in Process Inventory Finished Goods Inventory $ ?? $ 35,000 $ 7 $ 30,000 Additional information for the year is as follows: Direct matertals used Direct labor Manufacturing overhead applied Cost of goods manufactured Unadjusted cost of goods sold $200,000o $150,000 $ 160,000 $525,000 $544.000 What was the beginning Finished Goods inventory balance on 1/ O $49000 $65000 O $50.000 569.000 de

Explanation / Answer

Opening Finished Goods Inventory=(Unadjusted Cost of goods Sold+Closing FG Inventory)- Cost of goods Manufactured

Op. Finished Goods= (5,44,000 + 30,000)- 5,25,000

= $ 49,000/-

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