On January 1, Biden, Inc.'s Work-in-Process Inventory account had a balance of $31,900. During the year, $58,500 of direct materials was placed into production. Manufacturing wages incurred amounted to $85,000, of which $64,500 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,300. Jobs costing $220,800 were completed during the year. What is the December 31 balance of Work-in-Process Inventory? A. $154,900 B. $31,900 C. $11,500 D. $232,300
On January 1, Biden, Inc.'s Work-in-Process Inventory account had a balance of $31,900. During the year, $58,500 of direct materials was placed into production. Manufacturing wages incurred amounted to $85,000, of which $64,500 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,300. Jobs costing $220,800 were completed during the year. What is the December 31 balance of Work-in-Process Inventory? A. $154,900 B. $31,900 C. $11,500 D. $232,300
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, Biden, Inc.'s Work-in-Process Inventory account had a balance of
$31,900. During the year, $58,500 of direct materials was placed into production.
Manufacturing wages incurred amounted to $85,000, of which $64,500 were for direct
labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost.
Actual manufacturing overhead was $90,300. Jobs costing $220,800 were completed
during the year. What is the December 31 balance of Work-in-Process Inventory?
A. $154,900
B. $31,900
C. $11,500
D. $232,300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b5f88e1-6ba3-4b37-97eb-5ba777a07aee%2F20cfe81f-f21f-455c-90da-3f739e354b14%2Fm809t6q_processed.png&w=3840&q=75)
Transcribed Image Text:On January 1, Biden, Inc.'s Work-in-Process Inventory account had a balance of
$31,900. During the year, $58,500 of direct materials was placed into production.
Manufacturing wages incurred amounted to $85,000, of which $64,500 were for direct
labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost.
Actual manufacturing overhead was $90,300. Jobs costing $220,800 were completed
during the year. What is the December 31 balance of Work-in-Process Inventory?
A. $154,900
B. $31,900
C. $11,500
D. $232,300
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