Horton has beginning inventory balances of $90,000 for raw materials inventory, $20,000 for work in process inventory, and $600,000 for finished goods inventory. During the period, Horton purchased $140,000 worth of materials and placed $170,000 worth of materials into production. Horton incurred $1,400,000 in direct labor costs and applied $1,440,000 in overhead during the period. The cost of goods completed during the period was $3,020,000 and the cost of goods sold to customers during the period was $3,100,000. Horton incurred actual overhead costs of $1,400,000 during the period. 1. What is Horton's ending balance for Material inventory? 2. What is Horton's ending balance for Work-in-Process inventory? 3. What is Horton's ending balance for Finished Good inventory?

Horton has beginning inventory balances of $90,000 for raw materials inventory, $20,000 for work in process inventory, and $600,000 for finished goods inventory. During the period, Horton purchased $140,000 worth of materials and placed $170,000 worth of materials into production. Horton incurred $1,400,000 in direct labor costs and applied $1,440,000 in overhead during the period. The cost of goods completed during the period was $3,020,000 and the cost of goods sold to customers during the period was $3,100,000. Horton incurred actual overhead costs of $1,400,000 during the period. 1. What is Horton's ending balance for Material inventory? 2. What is Horton's ending balance for Work-in-Process inventory? 3. What is Horton's ending balance for Finished Good inventory?

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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