Morgan Manufacturing Company has the following account balances at year end: Off

Question

Morgan Manufacturing Company has the following account balances at year end:

Office supplies                                                                   $ 4,000

Raw materials                                                                       27,000

Work-in-process                                                                 59,000

Finished goods                                                                     92,000

Prepaid insurance                                                                 6,000

What amount should Morgan report as inventories in its balance sheet?

Explanation / Answer

Inventory = Raw material +WIP +Finished goods

= 27000+59000+92000 = 178000

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