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
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 23E: Orinder Company provided the following information for the last calendar year: During the year,...
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F30e62c65-24a7-4b98-a69d-6f93d49d4efe%2F88fde3dc-dd59-4a17-b453-1efd9df6f43d%2Fnepzadt_processed.png&w=3840&q=75)
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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