Here are selected data for King Friday Corporation: Beginning raw materials inve

Question

Here are selected data for King Friday Corporation: Beginning raw materials inventory Beginning finished goods inventory Cost of direct materials requisitioned Actual manufacturing overhead Cost of goods sold $37,000 $56,900 $91,300 160,000 $265,300 Beginning work in process inventory Cost of materials purchased Direct labor incurred $61,500 $151,000 $125,000 $287,300 125% Cost of goods manufactured Manufacturing overhead rate (% of direct labor) What is the finished goods ending inventory? ?, $287.300 OB. $78.900 O C. $67.300 OD, $497,000

Explanation / Answer

B. $78,900

Finished goods ending inventory = $56,900 + $287,300 - $265,300 = $78,900

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