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On January 1, 2016, Matthew Company's work in process inventory account had a balance of $46,000. During 2016, $64,000 of direct materials was placed into production. Manufacturing wages incurred amounted to $84,000, of which $66,000 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,000. Jobs costing $220,400 were completed during 2016. What is the December 31, 2016 balance in work in process inventory? O a. $52,800 O b. $34,800 O c. $16,800 O d. $12.800

On January 1, 2016, Matthew Company's work in process inventory account had a balance of $46,000. During 2016, $64,000 of direct materials was placed into production. Manufacturing wages incurred amounted to $84,000, of which $66,000 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,000. Jobs costing $220,400 were completed during 2016. What is the December 31, 2016 balance in work in process inventory? O a. $52,800 O b. $34,800 O c. $16,800 O d. $12.800

FINANCIAL ACCOUNTING
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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On January 1, 2016, Matthew Company's work in process inventory account had a balance of $46,000. During 2016, $64,000 of direct materials was placed into production. Manufacturing wages incurred amounted to $84,000, of which $66,000 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,000. Jobs costing $220,400 were completed during 2016. What is the December 31, 2016 balance in work in process inventory? O a. $52,800 O b. $34,800 O c. $16,800 O d. $12,800
Transcribed Image Text:On January 1, 2016, Matthew Company's work in process inventory account had a balance of $46,000. During 2016, $64,000 of direct materials was placed into production. Manufacturing wages incurred amounted to $84,000, of which $66,000 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,000. Jobs costing $220,400 were completed during 2016. What is the December 31, 2016 balance in work in process inventory? O a. $52,800 O b. $34,800 O c. $16,800 O d. $12,800
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