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The Fabricating Department started the current month with a beginning Work in Process inventory of $10,500. During the month, it was assigned the following costs: direct materials, $76,500; direct labor $24,500; and factory overhead, 60% of direct labor cost. Also, inventory with a cost of $111,500 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 $10,500. During the month, it was assigned the following costs: direct materials, $76,500; direct labor $24,500; and factory overhead, 60% of direct labor cost. Also, inventory with a cost of $111,500 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: $

FINANCIAL ACCOUNTING
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 Fabricating Department started the current month with a beginning Work in Process inventory of $10,500. During the month, it was assigned the following costs: direct materials, $76,500; direct labor $24,500; and factory overhead, 60% of direct labor cost. Also, inventory with a cost of $111,500 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: $
Transcribed Image Text:The Fabricating Department started the current month with a beginning Work in Process inventory of $10,500. During the month, it was assigned the following costs: direct materials, $76,500; direct labor $24,500; and factory overhead, 60% of direct labor cost. Also, inventory with a cost of $111,500 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: $
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