Namrac Company had sales of $3,500,000 for the year.  Some additional information is as follows:  direct materials used $300,000; direct labor $240,000; selling expenses $125,000; debits to the factory overhead account $357,000, administrative expenses $185,000.  Factory overhead is applied at 150% of direct labor cost.   Calculate the total amount that would be debited to Goods-in-Process Inventory for the year.   SHOW YOUR WORK

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Namrac Company had sales of $3,500,000 for the year.  Some additional information is as follows:  direct materials used $300,000; direct labor $240,000; selling expenses $125,000; debits to the factory overhead account $357,000, administrative expenses $185,000.  Factory overhead is applied at 150% of direct labor cost.

 

Calculate the total amount that would be debited to Goods-in-Process Inventory for the year.  

SHOW YOUR WORK

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