At the beginning of the year, Conway Manufacturing had the following account balances: Work−in−ProcessInventory2,000 Finished Goods Inventory8,000 Manufacturing Overhead0 Cost of Goods Sold0 Sales Revenue 0 The following additional details are provided for the year: Direct materials placed in production$80,800Direct labor incurred190,300Manufacturing overhead incurred300,700Manufacturing overhead allocated to production297,800Cost of jobs completed and transferred500,200 The ending balance in theWork−in−ProcessInventory account is a ________. A.credit of $2,000 B.debit of $70,700 C.debit of $2,000 D.credit of $70,700

Process costs It is a method of cost accounting, which is used where the production is continuous,…

Answered: The ending balance in the…

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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At the beginning of the year, Conway Manufacturing had the following account balances:

Work−in−Process

Inventory

2,000

Finished Goods Inventory

8,000

Manufacturing Overhead

Cost of Goods Sold

Sales Revenue

The following additional details are provided for the year:

Direct materials placed in production	$80,800
Direct labor incurred	190,300
Manufacturing overhead incurred	300,700
Manufacturing overhead allocated to production	297,800
Cost of jobs completed and transferred	500,200

The ending balance in the

Work−in−Process

Inventory account is a ________.

credit of $2,000

debit of $70,700

debit of $2,000

credit of $70,700

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