appears on the company's records. Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: $ 42,900 ? 40,400 • Manufacturing overhead incurred through July was $225,900. • Cost of goods sold through July 31 was $408,200. • Indirect materials cost during July was $3,300. • Overhead during July was underapplied by $2,500. Required: Determine the balance of the Work-in-Process Inventory on July 31. Materials inventory Work-in-process inventory Finished goods inventory Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $53,000. • The company paid suppliers $39,200 cash during July. • Plant payroll during July totaled $82,900, of which $16,700 was for indirect labor. Answer is complete but not entirely correct. $ 171,600 X $ 57,000 86,900 37,400 359,900 Ending balance of work-in-process inventory on July 31 23,300 193,800 0 12,800 182,900
appears on the company's records. Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: $ 42,900 ? 40,400 • Manufacturing overhead incurred through July was $225,900. • Cost of goods sold through July 31 was $408,200. • Indirect materials cost during July was $3,300. • Overhead during July was underapplied by $2,500. Required: Determine the balance of the Work-in-Process Inventory on July 31. Materials inventory Work-in-process inventory Finished goods inventory Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $53,000. • The company paid suppliers $39,200 cash during July. • Plant payroll during July totaled $82,900, of which $16,700 was for indirect labor. Answer is complete but not entirely correct. $ 171,600 X $ 57,000 86,900 37,400 359,900 Ending balance of work-in-process inventory on July 31 23,300 193,800 0 12,800 182,900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:appears on the company's records.
Materials inventory, June 30
Work-in-process inventory, June 30
Finished goods inventory, June 30
Cost of goods sold through June 30
Accounts payable (materials suppliers), June 30
Manufacturing overhead through June 30
Payroll payable, June 30
Withholding and other payroll liabilities, June 30
Overhead applied through June 30
A count of the inventories on hand July 31 shows the following:
$ 42,900
?
40,400
●
Manufacturing overhead incurred through July was $225,900.
• Cost of goods sold through July 31 was $408,200.
• Indirect materials cost during July was $3,300.
• Overhead during July was underapplied by $2,500.
Materials inventory
Work-in-process inventory
Finished goods inventory
Interviews with various plant administrative employees August 1 reveal some additional information:
• The company currently owes materials suppliers $53,000.
• The company paid suppliers $39,200 cash during July.
●
Plant payroll during July totaled $82,900, of which $16,700 was for indirect labor.
Required:
Determine the balance of the Work-in-Process Inventory on July 31.
Answer is complete but not entirely correct.
171,600 x
Ending balance of work-in-process inventory on July 31
$ 57,000
86,900
37,400
359,900
23,300
193,800
$
0
12,800
182,900
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education