Solution-Accounting information remained in the office files

Accounting information remained in the office files

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Reference no: EM133166434

Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting information remained in the office files:

Cost of goods sold$ 83,750

Work in process inventory, January 1, 2021 $20,000

Work in process inventory, December 31, 2021 $15,750

Selling and Administrative Expenses $18,000

Net Income $32,500

Factory overhead $20,750

Direct materials inventory, January 1, 2021 $27,000

Direct materials inventory, December 31, 2021 $14,625

Cost of goods manufactured $102,250

Finished goods inventory, January 1, 2021 $33,125

Direct labor cost incurred during the period amounted to 2.5 times the factory overhead. The CFO of Tierney Construction, Inc. has asked you to recalculate the following accounts and to report to him by the end of tomorrow.

What should be the amount in the finished goods inventory at December 31, 2021?

Reference no: EM133166434

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Accounting information remained in the office files

Reference no: EM133166434

Reference no: EM133166434

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