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The end-of-the-year account balances for Yelton Industries are as follows:

Office supplies $3,000
Raw materials 21,000
Work-in-process 32,000
Finished goods 46,000
Prepaid insurance 7,000

The amount Yelton should report as inventories on the balance sheet is: ____________

a. $78,000.
b. $46,000.
c. $99,000.
d. $104,000.

Respuesta :

Answer:

C. $99,000.

Explanation:

In order to calculate the amount that should be reported as inventories, you have to recognize that only raw materials, work-in-process, and finished goods should be included here. By adding all of those, you arrive at the correct answer: $21,000 + $32,000 + $46,000 = $99,000.

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