Question

Oriole Company has the following account balances at year end: Office supplies $ 4000 Raw materials 28000 Work-in-process 58000 Finished goods 96000 Prepaid insurance 5000 What amount should Oriole report as inventories in its balance sheet

Answer 1

Answer: $182,000

Step-by-step explanation:

For a manufacturing company such as Oriole, the inventory total will include the totals of raw materials, work in process and finished goods.

The inventories in the balance sheet will therefore be;

= raw materials + work in process + finished goods

= 28,000 + 58,000 + 96,000

= $182,000