Problem - Davido Inc had the following information for the preceding year:
Beginning Inventory (1/1) Ending Inventory (12/31)
Raw Materials Inventory $43,200 $38,400
Work in Process Inventory $42,400 $??
Finished Goods Inventory $35,600 $??
Additional information for the year is as follows:
Direct materials used $202,600
Direct labor $154,000
Manufacturing overhead applied $164,800
Cost of goods manufactured $526,700
Cost of goods sold $547,900
What was the ending Finished Goods Inventory balance on 12/31?
$33,100
$51,700
$63,600
$9,300