Assume that the following events occurred at a division of Generic Electric for March of the current year: 1. Purchased $90 million in direct materials.2. Incurred direct labor costs of $56 million.3. Determined that manufacturing overhead was $76 million.4. Transferred 80 percent of the materials purchased to work-in-process.5. Completed work on 80 percent of the work-in-process. Costs are assigned equally across all work-in-process.6. The inventory accounts have no beginning balances. All costs incurred were debited to the appropriate account and credited to Accounts Payable. Required:Give the amounts for the following items in the Work-in-process account: (Do not round your intermediate calculations. Enter your final answers in millions rounded to 2 decimal places.) Amount Transfers-in (TI) MillionsTransfers-out (TO) MillionsEnding balance (EB) Millions

The goods which are partially completed are to be taken in the category of work in process. It is…

Answered: Assume that the following events…

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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Assume that the following events occurred at a division of Generic Electric for March of the current year:

1. Purchased $90 million in direct materials.
2. Incurred direct labor costs of $56 million.
3. Determined that manufacturing overhead was $76 million.
4. Transferred 80 percent of the materials purchased to work-in-process.
5. Completed work on 80 percent of the work-in-process. Costs are assigned equally across all work-in-process.
6. The inventory accounts have no beginning balances. All costs incurred were debited to the appropriate account and credited to Accounts Payable.

Required:

Give the amounts for the following items in the Work-in-process account: (Do not round your intermediate calculations. Enter your final answers in millions rounded to 2 decimal places.)

	Amount
Transfers-in (TI)		Millions
Transfers-out (TO)		Millions
Ending balance (EB)		Millions

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