Red Tail Manufacturing,Inc The Inventory Account Balances as of January 1 Are Given

question 60

Multiple Choice

Red Tail Manufacturing,Inc.provided the following information for the year: $$\begin{array} { | l | r | } \hline \text { Purchases-Raw Materials } & \$ 91,000 \\\hline \text { Plant Utilities and Insurance } & 67,000 \\\hline \text { Indirect Materials Used } & 11,000 \\\hline \text { Indirect Labor } & 4,100 \\\hline \text { Direct Materials Used in Production } & 97,000 \\\hline \text { Direct Labor } & 117,000 \\\hline \text { Depreciation on Factory Plant and Equipment } & 7,000 \\\hline \text { Cost of Goods Manufactured } & 291,000 \\\hline \text { Cost of Goods Sold } & 290,000 \\\hline\end{array}$$
The inventory account balances as of January 1 are given below.
$$\begin{array} { | l | r | } \hline \text { Raw Materials Inventory } & \$ 46,000 \\\hline \text { Work-in-Progress Inventory } & 11,000 \\\hline \text { Finished Goods Inventory } & 304,600 \\\hline\end{array}$$
What is the ending balance in the Finished Goods Inventory?

• A) $304,600
• B) $303,600
• C) $305,600
• D) $595,600

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