The Fabricating Department started the current month with a beginning Work in Process inventory of $10,300. During the month, it was assigned the following costs: direct materials, $76,300; direct labor, $24,300; and factory overhead, 70% of direct labor cost. Also, inventory with a cost of $110,500 was transferred out of the department to the next phase in the process. The ending balance of the Work in Process Inventory account for the Fabricating Department is:

The Fabricating Department started the current month with a beginning Work in Process inventory of $10,300. During the month, it was assigned the following costs: direct materials, $76,300; direct labor, $24,300; and factory overhead, 70% of direct labor cost. Also, inventory with a cost of $110,500 was transferred out of the department to the next phase in the process. The ending balance of the Work in Process Inventory account for the Fabricating Department is:

Name: The Fabricating Department started the current month with a beginning
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Description: The Fabricating Department started the current month with a beginning Work in Process inventory of $10,300. During the month, it was assigned thefollowing costs: direct materials, $76,300; direct labor, $24,300; and factory overhead, 70% of direct l

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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Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,900 of indirect materials and $13,200 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $10,900 Direct materials $18,300 Direct labor 8,900 Direct labor 17,700 Factory overhead 5,785 Factory overhead 11,505 Total $25,585 Total $47,505 Job 303 Job 304 Direct materials $26,000 Direct materials $13,700 Direct labor 16,000 Direct labor 12,300 Factory overhead — Factory overhead — Required:…
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The work-in-process account for Department #2 for the month of December of the current year is presented below: Work in Process - Department #2 Beginning (1,200 units, 1⁄4 completed) - P1,200 Transferred out (6,200 units) ??? Transferred in from Department #1 (6,000 units) - 3,600 Direct labor - 8,000 Factory overhead - 4,800 Ending (1,000 units, 1⁄2 completed) - ??? No additional direct materials are added in Department #2. The department uses FIFO method. How much is the cost of goods transferred out?12,80017,66016,00013,000 How much is the cost of ending work in process?1,6006002,6001,000
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