On November 30, 2022, there was a fire in the factory of Oriole Manufacturing Limited, where you work as the controller. The work inprocess inventory was completely destroyed, but both the materials and finished goods inventories were undamaged.Oriole uses normal job-order costing and its fiscal year end is December 31. Selected information for the periods ended October 31,2022, and November 30, 2022, follows:Supplies (including both direct and indirect materials)Work in process inventoryFinished goods inventoryCost of goods sold (year to date)Accounts payable (relates to materials purchased only)Manufacturing overhead incurred (year to date)Manufacturing overhead appliedOther information for November 2022:Cash payments to suppliersPayroll (including $15.570 indirect)Indirect materials usedOver-applied overhead (during November only)October 31,2022$80,25059,57560,000574,00018,460130,300128,700$60,00083,5005,8702.830November 30,2022$73,700?63,200662,70054,420169,3002 Supplies (including both direct and indirect materials)Work in process inventoryFinished goods inventoryCost of goods sold (year to date)Accounts payable (relates to materials purchased only)Manufacturing overhead incurred (year to date)Manufacturing overhead appliedOther information for November 2022:Cash payments to suppliersPayroll (including $15,570 indirect)Indirect materials usedOver-applied overhead (during November only)October 31.2022$80,25059,575Cost of the work in process inventory S60,000574,00018,460130,300128,700$60,00083,5005,8702,830Calculate the normal cost of the work in process inventory lost during the fire.November 30,2022$73,700?63,200662,70054,420169,3002

The question is based on the concept of Cost Accounting. Beginning WIP Inventory + Manufacturing…

On November 30, 2022, there was a fire in the factory of Oriole Manufacturing Limited, where you work as the controller. The work in process inventory was completely destroyed, but both the materials and finished goods inventories were undamaged. Oriole uses normal job-order costing and its fiscal year end is December 31. Selected information for the periods ended October 31, 2022, and November 30, 2022, follows: Supplies (including both direct and indirect materials) Work in process inventory Finished goods inventory Cost of goods sold (year to date) Accounts payable (relates to materials purchased only) Manufacturing overhead incurred (year to date) October 31, 2022 $80,250 59,575 60,000 574,000 18,460 130,300 November 30, 2022 $73,700 ? 63,200 662,700 54,420 169,300

On November 30, 2022, there was a fire in the factory of Oriole Manufacturing Limited, where you work as the controller. The work in process inventory was completely destroyed, but both the materials and finished goods inventories were undamaged. Oriole uses normal job-order costing and its fiscal year end is December 31. Selected information for the periods ended October 31, 2022, and November 30, 2022, follows: Supplies (including both direct and indirect materials) Work in process inventory Finished goods inventory Cost of goods sold (year to date) Accounts payable (relates to materials purchased only) Manufacturing overhead incurred (year to date) October 31, 2022 $80,250 59,575 60,000 574,000 18,460 130,300 November 30, 2022 $73,700 ? 63,200 662,700 54,420 169,300

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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