TB MC Qu. 7-32 (Algo) The following events took place at a manufacturing... The following events took place at a manufacturing company for the current year: (1) Purchased $96,800 in direct materials.(2) Incurred labor costs as follows: (a) direct, $57,800 and (b) indirect, $15,400.(3) Other manufacturing overhead was $108,800, excluding indirect labor.(4) Transferred 80% of the materials to the manufacturing assembly line.(5) Completed 65% of the Work-in-Process during the year.(6) Sold 85% of the completed goods.(7) There were no beginning inventories.What is the value of the ending Work-in-Process Inventory? Multiple Choice : A) $90,804.00.B) $14,637.00.C) $13,621.50.D) $97,634.50.

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Answered: The following events took place at a…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

The following events took place at a manufacturing company for the current year:

(1) Purchased $96,800 in direct materials.
(2) Incurred labor costs as follows: (a) direct, $57,800 and (b) indirect, $15,400.
(3) Other manufacturing overhead was $108,800, excluding indirect labor.
(4) Transferred 80% of the materials to the manufacturing assembly line.
(5) Completed 65% of the Work-in-Process during the year.
(6) Sold 85% of the completed goods.
(7) There were no beginning inventories.