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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 72,000
Prepaid insurance 6,000
Required - What amount should Morgan report as inventories in its balance sheet?
a. $72,000
b. $76,000
c. $158,000
d. $162,000
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