The following events took place at a manufacturing company for the current year: (1) Purchased $100,000 indirect materials. (2) Incurred labor costs as follows: (a) direct, $58,500 and (b) indirect, $14,600. (3) Other manufacturing overhead was $112,000, excluding indirect labor. (4) Transferred 85% of the materials to the manufacturing assembly line. (5) Completed 70% of the Work-in-Process during the year. (6) Sold 90% of the completed goods. (7) There were no beginning inventories. What is the value of the ending Work-in-Process Inventory?

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A: Product cost is the cost incurred for manufacturing a product i.e.; it is the total amount of direct…

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A: Work-in-process inventory consist of materials which are partially completed in the production…

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A: Inventory valuation is an accounting practice adopted by the company to determine the value of the…

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A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: rst $7,000

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Q: Define the term Raw-materials- inventory?

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A: Lets understand the basics.inventory has mainly a three types which are,(1) Raw material inventory…

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Q: All of the following are a part of calculating Cost of Goods Sold EXCEPT: O Work In Process…

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