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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

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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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
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
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