The accounts of Melissa Manufacturing showed the following balances at the beginning of December: Debit Account Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Manufacturing Overhead $56,000 76,000 36,000 15,000 The following transactions took place during the month: December 2: Issued direct materials $34,000 and indirect materials $7,000 to production. December 15: Incurred $7,000 and $2,000 toward factory's direct labor cost and indirect labor cost, respectively What should be the balance in the Work-in-Process Inventory following these transactions? OA. $78,000 OB. $70,000 OC. $83,000 OD. $117,000

The accounts of Melissa Manufacturing showed the following balances at the beginning of December: Debit Account Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Manufacturing Overhead $56,000 76,000 36,000 15,000 The following transactions took place during the month: December 2: Issued direct materials $34,000 and indirect materials $7,000 to production. December 15: Incurred $7,000 and $2,000 toward factory's direct labor cost and indirect labor cost, respectively What should be the balance in the Work-in-Process Inventory following these transactions? OA. $78,000 OB. $70,000 OC. $83,000 OD. $117,000

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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