Welcome to the article For requirement c what should be the ending balances for Raw Materials Work in Process and Finished Goods 1 Raw Materials 28 530 Work in. On this page, you will learn the essential and logical steps to better understand the topic being discussed. We hope the information provided helps you gain valuable insights and is easy to follow. Let’s begin the discussion!
Answer :
Final answer:
The correct ending balances for Raw Materials, Work in Process, and Finished Goods are 28,530; 0; 66,313, thus the correct option is 2.
Explanation:
In order to determine the correct ending balances for Raw Materials, Work in Process, and Finished Goods, we must first understand the purpose of each of these categories. Raw Materials refer to the materials used in the production process, Work in Process refers to goods that are still in the production process, and Finished Goods refer to goods that are ready to be sold to customers.
Now, let's break down each of the given options and analyze them.
Option 1) 28,530; 66,313; 0
This option suggests that there are still 66,313 units of Work in Process, which means these goods are still in the production process and have not yet been completed. However, the Finished Goods balance is given as 0, which does not make sense as all goods that are in the production process should eventually become Finished Goods. Hence, this option can be eliminated.
Option 2) 28,530; 0; 66,313
This option suggests that all 66,313 units of Work in Process have been completed and transferred to Finished Goods. This makes sense as all goods in the production process should eventually become Finished Goods. Hence, this option is the correct answer.
Option 3) 66,313; 28,530; 0
This option suggests that there are more units of Work in Process than Finished Goods, which goes against the purpose of Work in Process being goods that are still in the production process. This option can also be eliminated.
Option 4) 66,313; 0; 28,530
Similar to option 1, this option suggests that there are no Finished Goods, which does not make sense. Hence, this option can also be eliminated.
In conclusion, the correct ending balances for Raw Materials, Work in Process, and Finished Goods are option 2) 28,530; 0; 66,313. This option is the only one that makes sense and follows the purpose of each category, thus the correct option is 2.
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Rewritten by : Brahmana