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

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Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

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.
Item
Computer caddy
Chair
each
Quantity and Unit Cost
7,500 units @ $
19,400 units @ $ 35 each
21,000 units @ $55 each
11, 200 units @ $102 each
Accumulated Cost
$ 480,000
679,000
Printer stand
Desk
1,155,000
1,142,400
$3,456,400
Total
At the end of November, the balance in CompuFurn's Materials Inventory account, which includes both raw materials and
purchased parts, was $668,000. Additions to and requisitions from the materials inventory during the month of December
included the following.
Additions
Raw Materials Purchased Parts
Purchases
$242,000
$396,000
Requisitions:
Job CC723
51,000
104,000
Job CH291
3,000
10,800
Job PS812
124,000
87,000
Job DS444 (5,000 desks)
65,000
187,000
CompuFurn applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead
budget for the year totaled $4,500,000. The company planned to use 900,000 machine hours during this period, which is
the firm's estimated practical capacity. Through the first 11 months of the year, a total of 830.000 machine hours were
used, and actual manufacturing overhead amounted to $4.140,000.

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