By the end of the period, Company X had the following unadjusted balances: work in process inventory $30,000, finished goods inventory $70,000 and cost of goods sold $100,000. The manufacturing overhead account by the end of the period showed a debit balance of $8,000. Assume that Company X disposes of any underapplies or overapplied manufacturing overhead proportionately among work in process, finished goods and cost of goods sold, calculate the adjusted balance of the work in process account ($). O a. 32,400 O b. 30,000 Oc. 28,800 O d. 31,200 O e. None of the given answers
By the end of the period, Company X had the following unadjusted balances: work in process inventory $30,000, finished goods inventory $70,000 and cost of goods sold $100,000. The manufacturing overhead account by the end of the period showed a debit balance of $8,000. Assume that Company X disposes of any underapplies or overapplied manufacturing overhead proportionately among work in process, finished goods and cost of goods sold, calculate the adjusted balance of the work in process account ($). O a. 32,400 O b. 30,000 Oc. 28,800 O d. 31,200 O e. None of the given answers
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Fast solve plz
Transcribed Image Text:By the end of the period, Company X had the following unadjusted balances: work in process inventory $30,000, finished goods
inventory $70,000 and cost of goods sold $100,000. The manufacturing overhead account by the end of the period showed a debit
balance of $8,000. Assume that Company X disposes of any underapplies or overapplied manufacturing overhead proportionately
among work in process, finished goods and cost of goods sold, calculate the adjusted balance of the work in process account ($).
O a. 32,400
O b. 30,000
Oc. 28,800
O d. 31,200
e. None of the given answers
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
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