Final answer:
To determine the inventory value for Jamison Manufacturing Company, the raw materials, work-in-process, and finished goods are added together, yielding a total inventory value of $117,000 that should be reported on the balance sheet. Option c is correct.
Step-by-step explanation:
The question concerns the accounting practice of reporting inventories on a company's balance sheet. To determine the amount Jamison Manufacturing Company should report as inventories, we add together the balances of raw materials, work-in-process, and finished goods, as these are considered inventory accounts. The sum of these accounts is:
Raw materials: $21,000
Work-in-process: $44,000
Finished goods: $52,000
Adding these figures together, the total inventory value is:
$21,000 (Raw materials) + $44,000 (Work-in-process) + $52,000 (Finished goods) = $117,000
Therefore, the amount Jamison should report as inventories on its balance sheet is $117,000.
Inventories represent the goods that a company has on hand and is yet to sell. It includes raw materials, work-in-process, and finished goods. In this case, Jamison Manufacturing Company should report a total of $117,000 as inventories in its balance sheet.