Beginning Work in Process was $11,209; Total Manufacturing Costs was $52,110; Beginning Raw Materials Inventory was $18,007; And the Cost of Goods Manufactured was $38,605. What would be the amount in Ending Work in Process?

Beginning Work in Process was $11,209; Total Manufacturing Costs was $52,110; Beginning Raw Materials Inventory was $18,007; And the Cost of Goods Manufactured was $38,605. What would be the amount in Ending Work in Process?

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Description: Beginning Work in Process was $11,209; Total Manufacturing Costs was $52,110; Beginning Raw Materials Inventory was $18,007; And the Cost of Goods Manufactured was $38,605. What would be the amount in Ending Work in Process?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 6EA: There were 2,400 units in ending work in process inventory that were 100% complete with regard to...

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.

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