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

Principles of Accounting Volume 2
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Chapter5: Process Costing
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Problem 4PB: During March, the following costs were charged to the manufacturing department: $22,500 for...
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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
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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