Assuming no change in the work in process and finished goods inventory balances for the year, $185,500 of the amount should Claire report as a product expense.
Any product that has completed the production cycle and is prepared to be distributed or sold by a business is considered a finished good. They are a kind of stock. Finished items are essentially finished products.
The complete question is below:-
Raw materials used in production 5,500
Raw materials purchased 6,500
General manager salary 50,000
Sales manager salary 30,000
Direct labor incurred 130,000
General liability insurance premium 3,000
Factory rent 24,000
Office lease 18,000
Factory utilities 12,000
Depreciation on factory equipment 14,000
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