A materials requisition slip showed that direct materials requested were $96000 and indirect materials requested were $6000. The entry to record the transfer of materials from the storeroom isManufacturing Overhead102000 Raw Materials Inventory 102000Direct Materials96000 Indirect Materials6000 Work in Process Inventory 102000Work In Process Inventory96000 Raw Materials Inventory 96000Work In Process Inventory96000 Manufacturing Overhead6000 Raw Materials Inventory 102000

Manufacturing overhead (sometimes referred to as factory overhead, factory burden, or production…

A materials requisition slip showed that direct materials requested were $96000 and indirect materials requested were $6000. The entry to record the transfer of materials from the storeroom is Manufacturing Overhead 102000

A materials requisition slip showed that direct materials requested were $96000 and indirect materials requested were $6000. The entry to record the transfer of materials from the storeroom is Manufacturing Overhead 102000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
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Fortune Company had beginning raw materials inventory of $9,900. During the period, the company purchased $55,500 of raw materials on account. If the ending balance in raw materials was $6,900, the amount of raw materials transferred to work in process is: Multiple Choice $52,500. $58,500. $55,500. $62,400.
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