Penn Manufacturing Corporation uses a process-costing system to manufacture printers for PCs. The following information summarizes operations for its NoToner model during the quarter ending September 30, Year 1: Direct Units 100 Labor $ 50,000 Work-in-process inventory, July 1 Started during the quarter Completed during the quarter Work-in-process inventory, September 30 Costs added during the quarter 500 400 200 $775,000 Beginning work-in-process inventory was 50% complete for direct labor. Ending work-in-process inventory was 75% complete for direct labor. What is the total value of the direct labor in the ending work-in-process inventory using the weighted-average method? 1. $183,000 3. $225,000 2. $194,000 4. $210,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

MCQ is given in the picture and explain the answer please

Penn Manufacturing Corporation uses a process-costing system to manufacture printers for
PCs. The following information summarizes operations for its NoToner model during the quarter ending
September 30, Year 1:
Direct
Units
100
Labor
$ 50,000
Work-in-process inventory, July 1
Started during the quarter
Completed during the quarter
Work-in-process inventory, September 30
Costs added during the quarter
500
400
200
$775,000
Beginning work-in-process inventory was 50% complete for direct labor. Ending work-in-process inventory
was 75% complete for direct labor. What is the total value of the direct labor in the ending work-in-process
inventory using the weighted-average method?
1. $183,000
3. $225,000
2. $194,000
4. $210,000
Transcribed Image Text:Penn Manufacturing Corporation uses a process-costing system to manufacture printers for PCs. The following information summarizes operations for its NoToner model during the quarter ending September 30, Year 1: Direct Units 100 Labor $ 50,000 Work-in-process inventory, July 1 Started during the quarter Completed during the quarter Work-in-process inventory, September 30 Costs added during the quarter 500 400 200 $775,000 Beginning work-in-process inventory was 50% complete for direct labor. Ending work-in-process inventory was 75% complete for direct labor. What is the total value of the direct labor in the ending work-in-process inventory using the weighted-average method? 1. $183,000 3. $225,000 2. $194,000 4. $210,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 4 images

Blurred answer
Knowledge Booster
Procedural Coding: CPT and HCPCS
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education