The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,000 ? Transferred Out Purchases ? End. Bal. 6,400 Cost of Goods Sold 57,000 Work-in-Process Inventory Beg. Bal. 7,500 ? Transferred Out Materials 18,000 Labor 13,500 Overhead 8,000 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 39,500 End. Bal. 4,200 What is the value of the ending Work-in-Process inventory balance? $4,200. $8,000. $7,500. $0.
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,000 ? Transferred Out Purchases ? End. Bal. 6,400 Cost of Goods Sold 57,000 Work-in-Process Inventory Beg. Bal. 7,500 ? Transferred Out Materials 18,000 Labor 13,500 Overhead 8,000 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 39,500 End. Bal. 4,200 What is the value of the ending Work-in-Process inventory balance? $4,200. $8,000. $7,500. $0.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts.
What is the value of the ending Work-in-Process inventory balance?
| Direct Materials Inventory | |||
| Beg. Bal. | 8,000 | ? | Transferred Out |
| Purchases | ? | ||
| End. Bal. | 6,400 |
| Cost of Goods Sold | |||
| 57,000 | |||
| Work-in-Process Inventory | |||
| Beg. Bal. | 7,500 | ? | Transferred Out |
| Materials | 18,000 | ||
| Labor | 13,500 | ||
| 8,000 | |||
| End. Bal. | ? |
| Finished Goods Inventory | |||
| Beg. Bal. | ? | ? | Transferred Out |
| Transferred in | 39,500 | ||
| End. Bal. | 4,200 |
|
$4,200.
|
||
|
$8,000.
|
||
|
$7,500.
|
||
|
$0.
|
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