The accounts of Tim Tam Inc. showed the following debit balances at the beginning of December: Accounts Debit Raw Materials Inventory $59,000 Work-in-Process Inventory 75,000 Finished Goods Inventory 30,000 Manufacturing Overhead 24,000 The following transactions took place during the month: December 2: Assigned direct materials $39,000 and indirect materials $6,000 to production. December 15: Incurred $5,000 and $4,000 toward factory's direct labor costs and indirect labor costs, respectively. What should be the balance in the Work-in-Process Inventory account following these transactions? Group of answer choices $119,000 $80,000 $79,000 $69,000
The accounts of Tim Tam Inc. showed the following debit balances at the beginning of December: Accounts Debit Raw Materials Inventory $59,000 Work-in-Process Inventory 75,000 Finished Goods Inventory 30,000 Manufacturing Overhead 24,000 The following transactions took place during the month: December 2: Assigned direct materials $39,000 and indirect materials $6,000 to production. December 15: Incurred $5,000 and $4,000 toward factory's direct labor costs and indirect labor costs, respectively. What should be the balance in the Work-in-Process Inventory account following these transactions? Group of answer choices $119,000 $80,000 $79,000 $69,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The accounts of Tim Tam Inc. showed the following debit balances at the beginning of December:
| Accounts | Debit |
|---|---|
| Raw Materials Inventory | $59,000 |
| Work-in-Process Inventory | 75,000 |
| Finished Goods Inventory | 30,000 |
| Manufacturing |
24,000 |
The following transactions took place during the month:
- December 2: Assigned direct materials $39,000 and indirect materials $6,000 to production.
- December 15: Incurred $5,000 and $4,000 toward factory's direct labor costs and indirect labor costs, respectively.
What should be the balance in the Work-in-Process Inventory account following these transactions?
Group of answer choices
$119,000
$80,000
$79,000
$69,000
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