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Assume that the following events occurred at a division of Generic Electric for March of the current year: 1. Purchased $15 million in direct materials. 2. Incurred direct labor costs of $8 million. 3. Determined that manufacturing overhead was $13.5 million. 4. Transferred 70 percent of the materials purchased to work-in-process. 5. Completed work on 65 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 intermediate calculations. Enter your final answers in millions rounded to 1 decimal place.) Amount a. Transfers-in (TI) million b. Transfers-out (TO) million c. Ending balance (EB) million

Assume that the following events occurred at a division of Generic Electric for March of the current year: 1. Purchased $15 million in direct materials. 2. Incurred direct labor costs of $8 million. 3. Determined that manufacturing overhead was $13.5 million. 4. Transferred 70 percent of the materials purchased to work-in-process. 5. Completed work on 65 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 intermediate calculations. Enter your final answers in millions rounded to 1 decimal place.) Amount a. Transfers-in (TI) million b. Transfers-out (TO) million c. Ending balance (EB) million

FINANCIAL ACCOUNTING
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 $15 million in direct materials. 2. Incurred direct labor costs of $8 million. 3. Determined that manufacturing overhead was $13.5 million. 4. Transferred 70 percent of the materials purchased to work-in-process. 5. Completed work on 65 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 intermediate calculations. Enter your final answers in millions rounded to 1 decimal place.) Amount a. Transfers-in (TI) million b. Transfers-out (TO) million c. Ending balance (EB) million
Transcribed Image Text:Assume that the following events occurred at a division of Generic Electric for March of the current year: 1. Purchased $15 million in direct materials. 2. Incurred direct labor costs of $8 million. 3. Determined that manufacturing overhead was $13.5 million. 4. Transferred 70 percent of the materials purchased to work-in-process. 5. Completed work on 65 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 intermediate calculations. Enter your final answers in millions rounded to 1 decimal place.) Amount a. Transfers-in (TI) million b. Transfers-out (TO) million c. Ending balance (EB) million
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