During FY 2024, Northstar Production had total manufacturing costs of $675,000. Their cost of goods manufactured for the year was $720,000. The December 31, 2024 balance of the Work-in-Process Inventory is $95,000. Use this information to determine the dollar amount of the FY 2024 beginning Work-in-Process Inventory. a. $50,000 b. $140,000 c. $95,000 d. $625,000

During FY 2024, Northstar Production had total manufacturing costs of $675,000. Their cost of goods manufactured for the year was $720,000. The December 31, 2024 balance of the Work-in-Process Inventory is $95,000. Use this information to determine the dollar amount of the FY 2024 beginning Work-in-Process Inventory. a. $50,000 b. $140,000 c. $95,000 d. $625,000

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...

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During FY 2022 Munjya Manufacturing had total manufacturing costs are $408,000. Their cost of goods manufactured for the year was $431,000. The January 1, 2023 balance of the Work-in-Process Inventory is $42,000. Use this information to determine the dollar amount of the FY 2022 beginning Work-in-Process Inventory.
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An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.