Solved: Ending work-in-process inventory balance, Accounting Basics

Ending work-in-process inventory balance

Problem: The financial records for the Lee Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts.

Q1. What is the amount of the materials purchased?

Q2. What is the value of the ending Work-in-Process inventory balance?

Q3. What is the value of the beginning Finished Goods Inventory?

1035_Inventory and goods sold.jpg

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Accounting Basics: Ending work-in-process inventory balance

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Accounting Basics: Ending work-in-process inventory balance

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