Valix Finacc vol 1 Problem 7-8

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 7-8

Finished goods                                                                                                                    2,000,000

Finished goods held by salesmen                                                                               100,000

Goods in process (720,000/80%)                                                                                 900,000

Materials                                                                                                                  1,000,000

Materials returned to suppliers for replacement                                                        100,000

Factory supplies (110,000 + 60,000)                                                                             170,000

Correct inventory                                                                                                    4,270,000