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?

Q: Fill in the blank. ______ method is a costing method which includes beginning work-in-process…

A: There are various methods for valuation of inventory in cost accounting. Mainly, inventory is found…

Q: Which of the following costing systems assigns actual costs of materials to inventory? a.normal…

A: A costing system is designed by a company to monitor the costs incurred by the company.

Q: What are the inventory accounts used in JIT costing?

A: JIT (Just-In-Time) inventory system is usually implemented in an organization to reduce the amount…

Q: Required information The Foundational 15 [LO4-1, LO4-2, LO4-3, L04-4, LO4-5] [The following…

A: 1. First the Finished goods transferred out needs to be determined by adding opening units and…

Q: Compute cost of goods sold using the following information. $366,000 85,000 Finished goods…

A: Cost of goods sold (COGS) refers to the cost of goods and services which is sold by the company in…

Q: Explain the treatment of over and under absorption of overheads in cost accounts?

A: Overheads: These are defined as the expenses incurred in relation to an ongoing business. These are…

Q: What does the Work-in-process inventory consist of?

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

Q: Is (freight-in, materials) included in the cost of goods manufactured statement

A: The cost of having goods or materials delivered to a business for manufacture or resale is known as…

Q: f beginning work in process inventory completed during the perio

A: Solution:      Equivalent units of beginning work in Process Inventory  Direct material = 0…

Q: Which accounts are adjusted for the under-allocated or over-allocated overhead in JIT costing?

A: Just-in-time manufacturing system:     Just-in-time (JIT) manufacturing system is an approach to…

Q: When products and their costs are moved from one process to the next process, these costs are…

A: Process costing is a method of costing used to ascertain the cost of a product at each stage or…

Q: What reasons is product cost information needed, job order cost system and process cost system?

A: Note: As the question is not clear. It is assumed that the question is asking for “Why product cost…

Q: The total cost of direct material, direct labor, and manufacturing overhead transferred from…

A: Inventory- The things that a business keeps on hand in order to make money are referred to as…

Q: How are process costing and the FIFO method of inventory related?

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

Q: Define Work-in-process inventory.

A: Definition:   Inventory refers to the raw materials, work-in-process, and the finished goods…

Q: True False

A: Overhead allocation involves distributing indirect production costs to products or services based on…

Q: When would job-order costing be used instead of process costing?

A: Job order costing: Job order cost system provides a separate record of each particular quantity of…

Q: labor time tickets material requisitions

A: Work in process inventory is the amount of inventory that has started into production but has not…

Q: 4. Manufacturing costs flow from work-in-Process Inventory to Cost of Goods Sold to Finished Goods…

A: SOLUTION- The manufacturing cost flow begins when costs are incurred for direct materials, direct…

Q: What adjustment is made for underapplied overhead on the schedule of CoGS? What adjustment is made…

A: Underapplied overhead is added to cost of goods sold thus increases the total cost of goods sold.

Q: What is the relationship between process costing and the FIFO method of inventory

A: Accounting uses both process costing and the FIFO (First-In, First-Out) technique of inventory, but…

Q: A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work…

A: Inventory in a production will go through different stages which is as follows: Raw…

Q: How does a job-costing system differ from a process-costing system?

A: Job Costing: Job costing is a process of recording the cost on the basis of manufacturing job…

Q: The categories of manufacturing costs comprising the total cost of work in process inventory are…

A: The objective of the question is to identify the categories of manufacturing costs that make up the…

Q: What would cost of good sold be if under or overapplied overhead were closed to cost of goods sold?

A: Under or over applied overhead refers to the adjustments made to the cost of goods sold at the end…

Q: direct labor costs are debited to work in process inventory true false

A: The direct labor cost is the part of manufacturing cost that would be part of inventory or WIP…

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

A: Costs of goods sold: It is a cost of sale and deviation between the sale and gross profit/loss; it…

Q: why is adjustment necessary for under and over absorption of overheads in the absorption costing…

A: Here discuss about the details of adjustment which are needed for the over and under absorption of…