Show your work! Selected information concerning the operations of a company for
ID: 2328042 • Letter: S
Question
Show your work!
Selected information concerning the operations of a company for the year ended December 31 is as follows:
Units Produced
20,000
Units Sold
18,000
Direct Materials Used
80,000
Direct Labor Incurred
40,000
Factory Overhead
74,000
Work in process inventories at the beginning and end of the year were zero (0). Beginning inventories of finished goods was $9650 (for 1000 units). Cost of Goods sold was $174600. What was the company’s finished goods inventory cost at December 31?
$98,050
$29,100
$29,050
$40,600
Business Scenarios
1. Binding versus Persuasive Authority.
A country court in Illinois is deciding a case involving an issue that has never been addressed before in that state's courts. The Iowa Supreme Court, however, recently decided a case involving a very similar fact pattern. Is the Illinois court obligated to follow the Iowa Supreme Court's decision on the issue? If the United States Supreme Court had decided a similar case, would that decision be binding on the Illinois court? Explain.
3. Stare Decisis.
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Units Produced
20,000
Units Sold
18,000
Direct Materials Used
80,000
Direct Labor Incurred
40,000
Factory Overhead
74,000
Explanation / Answer
Calculate company's finished goods inventory on december 31 :
So answer is c) $29050
Direct material 80000 Direct labour 40000 Manufacturing overhead 74000 Total manufacturing cost 194000 Beginning finished goods 9650 Less: Cost of goods sold -174600 Ending finished goods 29050Related Questions
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