Subject: accounting Current Attempt in ProgressOn November 30, 2022, there was a fire in the factory of Cullumber Manufacturing Limited, where you work as the controller. Thework in process inventory was completely destroyed, but both the materials and finished goods inventories were undamaged.Cullumber uses normal job-order costing and its fiscal year end is December 31. Selected information for the periods ended October31, 2022, and November 30, 2022, follows:Supplies (including both direct and indirect materials)Work in process inventoryFinished goods inventoryCost of goods sold (year to date)Accounts payable (relates to materials purchased only)Manufacturing overhead incurred (year to date)Manufacturing overhead appliedOctober 31,2022$79,85058,97559,100567,00017,960129,900128,900November 30,2022$73,400?63,600665,60053,620165,800 Other information for November 2022:Cash payments to suppliersPayroll (including $15,870 indirect)Indirect materials usedOver-applied overhead (during November only)$59,10083,600Cost of the work in process inventory $5,8902,760Calculate the normal cost of the work in process inventory lost during the fire.

Work in process are the goods that are partly finished and fall between the status of Raw Material…

Answered: Calculate the normal cost of the work…

Calculate the normal cost of the work in process inventory lost during the fire. Cost of the work in process inventory $

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12PB: The following data summarize the operations during the year. Prepare a journal entry for each...

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Subject: accounting

Current Attempt in Progress
On November 30, 2022, there was a fire in the factory of Cullumber Manufacturing Limited, where you work as the controller. The
work in process inventory was completely destroyed, but both the materials and finished goods inventories were undamaged.
Cullumber uses normal job-order costing and its fiscal year end is December 31. Selected information for the periods ended October
31, 2022, and November 30, 2022, follows:
Supplies (including both direct and indirect materials)
Work in process inventory
Finished goods inventory
Cost of goods sold (year to date)
Accounts payable (relates to materials purchased only)
Manufacturing overhead incurred (year to date)
Manufacturing overhead applied
October 31,
2022
$79,850
58,975
59,100
567,000
17,960
129,900
128,900
November 30,
2022
$73,400
?
63,600
665,600
53,620
165,800

Other information for November 2022:
Cash payments to suppliers
Payroll (including $15,870 indirect)
Indirect materials used
Over-applied overhead (during November only)
$59,100
83,600
Cost of the work in process inventory $
5,890
2,760
Calculate the normal cost of the work in process inventory lost during the fire.

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