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Practice 1

Mantz Manufacturing Company has account balances for office supplies, raw materials, work in process, and finished goods. The document asks which accounts should be included in inventories on the balance sheet, which is not an inventory account, and where raw materials should be classified on the statement of financial position.

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173 views2 pages

Practice 1

Mantz Manufacturing Company has account balances for office supplies, raw materials, work in process, and finished goods. The document asks which accounts should be included in inventories on the balance sheet, which is not an inventory account, and where raw materials should be classified on the statement of financial position.

Uploaded by

Renee A.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Mantz Manufacturing Company has the following account balances at year end.

Office supplies $ 6,000


Raw materials 21,000
Work in process 44,000
Finished goods 52,000
Prepaid insurance 8,000

What amount should Mantz report as inventories in its balance sheet?


$117,000

Which of the following would not be included in a manufacturing company's balance


sheet?
a) Finished goods inventory
b) Merchandise inventory
c) Raw materials inventory
d) Work-in-process inventory

Which of the following inventories carried by a manufacturer is similar to the


merchandise inventory of a retailer?
a) Raw materials
b) Work-in-process
c) Finished goods
d) Supplies

Where should raw materials be classified on the statement of financial position?


a) Prepaid expenses
b) Inventory
c) Equipment
d) Not on the statement of financial position

Which of the following accounts is not reported in inventory?

a) Raw materials
b) Equipment
c) Finished goods
d) Supplies

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