Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 $77,400 $97,600 $223,400 $151,800 $15,100 Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $30,600 $33,700 140% What is the balance in work in process inventory at the end of the year? O A. $50,800 O B. $19,540 OC. $24,500 O D. $40,160

Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 $77,400 $97,600 $223,400 $151,800 $15,100 Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $30,600 $33,700 140% What is the balance in work in process inventory at the end of the year? O A. $50,800 O B. $19,540 OC. $24,500 O D. $40,160

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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Direct Materials Direct Labor Manufacturing overhead Total Manufacturing costs Work-in-process 1/1 Work-in-process 12/31 Cost of goods manufactured Sales Finished Goods 1/1 Cost of Goods Available Finished Goods 12/31 Cost of Goods Sold Gross Profit Operating Expenses Net Operating Income Case 1 $36,000 $12,000 $78,000 $12,000 $66,000 $180,000 $42,000 $78,000 $54,000 Case 2 $5,000 $6,000 $21,000 $2,000 $33,000 $50,000 $9,000 $7,000 $10,000 a Calculate the unknown amounts for both Case 1 and 2 b For Case 1, compute the total prime costs for the year. c For Case 1, compute the total conversion costs for the year. d For Case 1, compute the average price per unit if the company sold 15,000 uni e For Case 1, compute the operating income per unit if the company sold 15,000 units f For Case 1, compute the POHR assuming Manufacturing overhead is applied based on DL cost g For Case 1, review beginning and ending work in process. As an auditor or manager what one question might you possibly…
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