Selected accounts with amounts omitted are as follows Work in Process Aug.  1   Balance 268,080   Aug. 31 Goods finished 195,330        31   Direct materials X               31   Direct labor  37,100               31   Factory overhead X          Factory Overhead Aug.  1 – 31 Costs incurred 92,930   Aug. 1 Balance 14,460              31 Applied            (30% of direct labor cost) X If the balance of Work in Process on August 31 is $215,360, what was the amount debited to Work in Process for direct materials in August?

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

Selected accounts with amounts omitted are as follows

Work in Process

Aug.  1

  Balance

268,080 

 Aug. 31

Goods finished

195,330

       31

  Direct materials

 

 

 

       31

  Direct labor

 37,100 

 

 

 

       31

  Factory overhead

 

 

 

 

Factory Overhead

Aug.  1 – 31

Costs incurred

92,930 

 Aug. 1

Balance

14,460

 

 

 

       31

Applied

 

 

 

 

 

 (30% of direct labor cost)

X



If the balance of Work in Process on August 31 is $215,360, what was the amount debited to Work in Process for direct materials in August?

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Costing Systems
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.
Similar questions
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