The accounts of Delphinia Dreams, Inc. showed the following balances at the beginning of October: AccountDebitRaw Materials Inventory$32,000Work−in−ProcessInventory41,000Finished Goods Inventory52,000Manufacturing Overhead24,000 During the month, direct materials amounting to$22,000and indirect materials amounting to$7,000were issued to production. What is the ending balance in theWork−in−ProcessInventory account following these two transactions? A.$41,000 B.$11,000 C.$63,000 D.$31,000

Name: The accounts of Delphinia Dreams, Inc. showed the following balances
Uploaded: 2024-03-20T06:32:37.000Z
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Description: The accounts of Delphinia Dreams, Inc. showed the following balances at the beginning of October: AccountDebitRaw Materials Inventory$32,000Work−in−ProcessInventory41,000Finished Goods Inventory52,000Manufacturing Overhead24,000 During the month,

The question is related to Process Costing. In the given question there will no change in the ending balance of work in progress as During the month, direct materials amounting to $22,000 as it will reduce the balance of raw material inventory and indirect materials amounting to $7,000 will affect the manufacturing overheads were issued to production. Answer:- Option (A) is the Correct Answer. i.e. $41000. Justification Issue of material for production will affect raw material inventory Issue of indirect materials affect the manufacturing overheads.

Answered: The accounts of Delphinia Dreams, Inc.…

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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The accounts of Delphinia Dreams, Inc. showed the following balances at the beginning of October:

Account	Debit
Raw Materials Inventory	$32,000
Work−in−Process Inventory	41,000
Finished Goods Inventory	52,000
Manufacturing Overhead	24,000

During the month, direct materials amounting to

$22,000

and indirect materials amounting to

$7,000

were issued to production. What is the ending balance in the

Work−in−Process

Inventory account following these two transactions?

$41,000

$11,000

$63,000

$31,000

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