I really don't know why question 4 that the answer is $392,760, could you show me the process step by step with an explanation? iData TableRaymond Company, May 2016Job M1Job M2Direct materials$ 75,000 $$ 50,000Direct manufacturing labor275,000209,000 Raymond Company produces pipes for concert-quality organs. Each job is unique. In April 2016, it completed all outstanding orders, and then, in May 2016, it worked on only two jobs, M1 and M2:(Click the icon to view the job information.)Direct manufacturing labor is paid at the rate of $25 per hour. Manufacturing overhead costs are allocated at a budgeted rate of $16 per direct manufacturing labor-hour. Only Job M1 was completed in May.Read the requirements.CUN IVI IDirect materials75,000Direct manufacturing labor275,000Manufacturing overhead allocated176,000$526,000Total costsRequirement 2. 1,700 pipes were produced for Job M1. Calculate the cost per pipe. (Round your answer to the nearest whole dollar.)If 1,700 pipes were produced, the cost per each pipe for Job M1 is $309Requirement 3. Prepare the journal entry transferring Job M1 to finished goods. (Record debits first, then credits. Exclude explanations from any journal entries.)Journal EntryDateAccountsDebitCreditFinished Goods Control526,000Work-in-Process Control526,000HOW)Requirement 4. What is the ending balance in the Work-in-Process Control account?Raymond Company's Work-in-Process Control account has an ending balance of $392,760 at the end of May 2016.%24

Answered: Requirement 4. What is the ending…

Requirement 4. What is the ending balance in the Work-in-Process Control account? Raymond Company's Work-in-Process Control account has an ending balance of $ 392,760 at the end of May 2016.

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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