Question

The balance sheet of a retail store includes purchased goods inventory. raw materials inventory. work-in-process inventory....

The balance sheet of a retail store includes

purchased goods inventory.
raw materials inventory.
work-in-process inventory.
all of the above.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The answer is Purchased Goods Inventory

Explanation:

Retail store is engaged in the business of trading that is buying and selling of goods. They buy from their supplier and sell to customers at a profit. They don't manufacture anything of their own.

Raw Materials are the inputs for manufacturing finished goods. Raw materials pass through some process and become finished goods. That intermediary stage where raw material has partly converted but not became a final product is called Work-in-Progress. For example: When we make Cake - Flour, Sugar, Eggs, etc are raw material, the batter is Work-in-Progress and the Cake is Finished Good.

Raw material and work-in-progress inventory will be there only for manufacturing entities and not trading entities. So a Retail store will have only Purchased Goods Inventory

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which inventory- Raw materials, work in process or finished goods will show up on the balance...
Which inventory- Raw materials, work in process or finished goods will show up on the balance sheet and the income statement? Provide an example
Inventory type Raw materials Work in process Finished goods   Balance, 4/1/18 300,000 2,650,000 4,000,000 Balance, 4/30/18...
Inventory type Raw materials Work in process Finished goods   Balance, 4/1/18 300,000 2,650,000 4,000,000 Balance, 4/30/18 320,000 1,080,000 3,830,000 Amounts spent during April    Raw material purchases 1,650,000    Direct labor wages 9,000,000    Overhead      Indirect materials purchased 477,000      Indirect labor 2,700,000      Factory utilities 1,608,000      Factory depreciation 920,000 What is cost of goods manufactured for April? What is cost of goods sold for April?
Work in Process Inventory includes the cost of goods which are only partially completed. all goods...
Work in Process Inventory includes the cost of goods which are only partially completed. all goods sold during the period. all materials purchased during the last period. all goods which are completed and ready to sell.
Basil Industries reported the following information for December: Please show work Beginning balance, Raw Materials Inventory...
Basil Industries reported the following information for December: Please show work Beginning balance, Raw Materials Inventory $187,500 Beginning balance, Work in process Inventory 300,000 Beginning balance, Finished Goods Inventory 106,250 Purchases of raw materials 337,500 Factory electricity 62,500 Direct labor payroll 200,000 Depreciation on factory equipment 218,750 Insurance on factory building 50,000 Indirect materials used in production 43,750 Total raw materials used in production 406,250 Indirect labor payroll 150,000 Cost of goods manufactured 1,250,000 Cost of goods sold 1,312,500 Required:...
Inventory Beginning Ending Raw materials $9,110 $14,750 Work in process 6,800 8,470 Finished goods 9,350 6,700...
Inventory Beginning Ending Raw materials $9,110 $14,750 Work in process 6,800 8,470 Finished goods 9,350 6,700 Costs incurred: raw materials purchases $55,260, direct labor $48,920, manufacturing overhead $23,050. The specific overhead costs were: indirect labor $6,340, factory insurance $4,510, machinery depreciation $4,900, machinery repairs $1,930, factory utilities $3,610, and miscellaneous factory costs $1,760. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020. ROBERTS COMPANY Cost...
1. Raw Materials Inventory, Jan 1 $75,000 Raw Materials Inventory, Dec 31 $30,000 Work in Process...
1. Raw Materials Inventory, Jan 1 $75,000 Raw Materials Inventory, Dec 31 $30,000 Work in Process Inventory, Jan 1 $105,000 Work in Process Inventory, Dec 31 $75,000 Finished Goods Inventory, Jan 1 $25,000 Finished Goods Inventory, Dec 31 $130,000 Material Purchases $65,000 Direct Labor $150,000 Indirect Labor $10,000 Factory Utilities $25,000 Factory Supplies $5,000 Factory Rent $95,000 Depreciation on Office Building $15,000 a. Direct Materials Used b. Factory Overhead c. Cost of Goods Manufactured d. Cost of Goods Sold
Oriole Company reported the following year-end information: Beginning work in process inventory $1080000 Beginning raw materials...
Oriole Company reported the following year-end information: Beginning work in process inventory $1080000 Beginning raw materials inventory 300000 Ending work in process inventory 900000 Ending raw materials inventory 480000 Raw materials purchased 910000 Direct labor 820000 Manufacturing overhead 670000 Oriole Company's cost of goods manufactured for the year is $2220000. $2040000. $2400000. $2580000.
Basil Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187,500 Beginning balance,...
Basil Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187,500 Beginning balance, Work in process Inventory 300,000 Beginning balance, Finished Goods Inventory 106,250 Purchases of raw materials 337,500 Factory electricity 62,500 Direct labor payroll 200,000 Depreciation on factory equipment 218,750 Insurance on factory building 50,000 Indirect materials used in production 43,750 Total raw materials used in production 406,250 Indirect labor payroll 150,000 Cost of goods manufactured 1,250,000 Cost of goods sold 1,312,500 What was the ending...
Sheffield Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187000 Beginning balance,...
Sheffield Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187000 Beginning balance, Work in Process Inventory 296000 Beginning balance, Finished Goods Inventory 107450 Manufacturing overhead applied 537000 Purchases of raw materials 337100 Factory electricity 62500 Direct labor payroll 194000 Depreciation on factory equipment 218200 Insurance on factory building 49800 Indirect materials used in production 43650 Total raw materials used in production 406000 Indirect labor payroll 158000 Cost of goods manufactured 1243000 Cost of Goods Sold 1312100...
The following information was extracted from Manuco.'s financial documents. Beginning raw materials inventory $55,000 Ending raw...
The following information was extracted from Manuco.'s financial documents. Beginning raw materials inventory $55,000 Ending raw materials inventory $29,000 Beginning work-in-process inventory $23,000 Ending work-in-process inventory $60,000 Beginning finished goods inventory $30,000 Ending finished goods inventory $55,000 Raw materials purchased during the period $86,000 Total direct labor cost during the period $76,000 Total factory overhead cost during the period $18,000 Assuming that all raw materials are direct materials, calculate the cost of raw materials requisitioned, cost of goods manufactured, and...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT