calculate the Work-in-Process inventory account as of Dec 31 balance? On November 30, the company's finished-goods inventory, which is evaluated using the first-in, first-out (FIFO) method,consisted of four items.ItemComputer caddyChaireachQuantity and Unit Cost7,500 units @ $19,400 units @ $ 35 each21,000 units @ $55 each11, 200 units @ $102 eachAccumulated Cost$ 480,000679,000Printer standDesk1,155,0001,142,400$3,456,400TotalAt the end of November, the balance in CompuFurn's Materials Inventory account, which includes both raw materials andpurchased parts, was $668,000. Additions to and requisitions from the materials inventory during the month of Decemberincluded the following.AdditionsRaw Materials Purchased PartsPurchases$242,000$396,000Requisitions:Job CC72351,000104,000Job CH2913,00010,800Job PS812124,00087,000Job DS444 (5,000 desks)65,000187,000CompuFurn applies manufacturing overhead on the basis of machine hours. The company's manufacturing overheadbudget for the year totaled $4,500,000. The company planned to use 900,000 machine hours during this period, which isthe firm's estimated practical capacity. Through the first 11 months of the year, a total of 830.000 machine hours wereused, and actual manufacturing overhead amounted to $4.140,000.

Work in progress Opening Balance of raw material and purchased Parts = $6,68,000 In the month of…

On November 30, the company's finished-goods inventory, which is evaluated using the first-in, first-out (FIFO) method, consisted of four items. Item Computer caddy Chair Accumulated Cost $ 480,000 Quantity and Unit Cost 7,500 units @ $64 each 19,400 units @ $35 each 21,000 units @ $ 55 each 11, 200 units @ $102 each Printer stand Desk 679,000 1,155,000 1,142,400 Total $3,456,400 4

On November 30, the company's finished-goods inventory, which is evaluated using the first-in, first-out (FIFO) method, consisted of four items. Item Computer caddy Chair Accumulated Cost $ 480,000 Quantity and Unit Cost 7,500 units @ $64 each 19,400 units @ $35 each 21,000 units @ $ 55 each 11, 200 units @ $102 each Printer stand Desk 679,000 1,155,000 1,142,400 Total $3,456,400 4

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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2. Compute the July 31 balances of the inventory accounts.
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