Lark Company had a beginning work in process inventory balance of $32,000. During the year, $54,500 of direct materials was placed into production. Direct labor was $63,400, and indirect labor was $19,500. Manufacturing overhead is allocated at 125% of direct labor costs. Actual manufacturing overhead was $86,500, and jobs costing $225,000 were completed during the year. What is the ending work in process inventory balance? (Do not use a dollar sign or commas in your answer. Round your answer to the nearest whole dollar...no decimals)
Lark Company had a beginning work in process inventory balance of $32,000. During the year, $54,500 of direct materials was placed into production. Direct labor was $63,400, and indirect labor was $19,500. Manufacturing overhead is allocated at 125% of direct labor costs. Actual manufacturing overhead was $86,500, and jobs costing $225,000 were completed during the year. What is the ending work in process inventory balance? (Do not use a dollar sign or commas in your answer. Round your answer to the nearest whole dollar...no decimals)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lark Company had a beginning work in process inventory balance of $32,000. During the year, $54,500 of direct materials was placed into production. Direct labor was $63,400, and indirect labor was $19,500. Manufacturing
What is the ending work in process inventory balance?
(Do not use a dollar sign or commas in your answer. Round your answer to the nearest whole dollar...no decimals)
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