Unformatted text preview: 65,900 64,800 $69,000 - $4,200 = $64,800 $417,300 $402,000 $400,900 Brooks Balance Sheet November 30, 2007 Inventories Finished goods $637,200 Raw materials 227,400 Factory supplies 64,800 Work in process 108,700 Total $1,038,100 Notes 1. Company valued Finished goods inventory at the lower of cost or market method to individual items. 2. Company valued Raw materials, factory supplies, and work in process inventories at the lower of cost or market method by inventory. 3. Half of the tube shifter valued $228,325 (=$456,650/2) is held by catalog outlets on consignment. Catalog outlets Down tube shifter $131,000 (= $262,000/2) Head tube shifter 97,325 (= $194,650/2) Total $228,325 (= $456,650/2) 4. Three quarters of the bar end shifters valued $135,412.5 of the bar end finished goods has been pledged as collateral security for a bank loan. ($180,550 x .75 = $135,412.50) (Unadj. Factory supplies - obsolete factory supplies = adj. factory supplies cost)...
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This note was uploaded on 03/01/2012 for the course ACC all taught by Professor All during the Spring '12 term at University of Phoenix.
- Spring '12
- Balance Sheet