Acompany manufactured 1,000 units of product during the year and sold 800 units. costs incurred during the current year are as follows:
direct materials and direct labor $7,000
indirect materials and indirect labor 2,000
insurance on manufacturing equipment 3,000
advertising 1,000
1. what amount should be reported as inventory in the company’s year-end balance sheet?

$2,400

Explanation:

Total production Cost:

= Direct materials and direct labor + Indirect materials and indirect labor + Insurance on manufacturing equipment

= $7,000 + $2,000 + $3000

= $12,000

Amount should be reported as inventory in the company’s year-end balance sheet:

= (Total production Cost ÷ Units manufactured) × (Units manufactured - Units sold)

= ($12,000 ÷ 1,000) × (1,000 - 800)

= $12 × 200

= $2,400

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explanation:

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