LaToya Creations employs a normal costing system. The following information pertains to the year just ended. Total manufacturing costs were $1,260, 000.- Cost of goods manufactured was $1,223,000. Applied manufacturing overhead was 30 percent of total manufacturing costs. Manufacturing overhead was applied to production at a rate of 80 percent of direct - labor cost. Work - in - process inventory on January 1 was 75 percent of work - in - process inventory on December 31. 3. Compute the value of the company's work-in-process inventory on December 31.

LaToya Creations employs a normal costing system. The following information pertains to the year just ended. Total manufacturing costs were $1,260, 000.- Cost of goods manufactured was $1,223,000. Applied manufacturing overhead was 30 percent of total manufacturing costs. Manufacturing overhead was applied to production at a rate of 80 percent of direct - labor cost. Work - in - process inventory on January 1 was 75 percent of work - in - process inventory on December 31. 3. Compute the value of the company's work-in-process inventory on December 31.

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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