Compute ending work in process inventory for a manufacturer with the following information. Raw materials purchased $124,800 Direct materials used . 74,300 Direct labor used . 55,000 Total factory overhead . $ 95,700 Work in process inventory, beginning of year . 26,500 Cost of goods manufactured . 221,800

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A: Cost of material used in production = Opening Material + Material Purchases - closing Material Cost…

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A: The total cost of work in process can be calculated by adding up beginning work in process inventory…

Q: cost of goods manufactured

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Q: Solve the Problem

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Q: 1.Based on the data above. What is the ending balance of Work in Process?

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A: The overhead is applied to the production on the basis of predetermined overhead rate.

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Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.