The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: Materials inventory Work-in-process inventory Finished goods inventory Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $54,600. The company paid suppliers $40,800 cash during July. • Plant payroll during July totaled $84,500, of which $18,300 was for indirect labor. $ 44,500 ? 42,000 Manufacturing overhead incurred through July was $233,900. • Cost of goods sold through July 31 was $417,800. Indirect materials cost during July was $4,900. • Overhead during July was underapplied by $4,100. Required: Determine the balance of the Work-in-Process Inventory on July 31. $ 61,000 88,500 39,000 367,900 24,900 201,800 Ending balance of work-in-process inventory on July 31 0 14,400 190,900
The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: Materials inventory Work-in-process inventory Finished goods inventory Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $54,600. The company paid suppliers $40,800 cash during July. • Plant payroll during July totaled $84,500, of which $18,300 was for indirect labor. $ 44,500 ? 42,000 Manufacturing overhead incurred through July was $233,900. • Cost of goods sold through July 31 was $417,800. Indirect materials cost during July was $4,900. • Overhead during July was underapplied by $4,100. Required: Determine the balance of the Work-in-Process Inventory on July 31. $ 61,000 88,500 39,000 367,900 24,900 201,800 Ending balance of work-in-process inventory on July 31 0 14,400 190,900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July
appears on the company's records:
Materials inventory, June 30
Work-in-process inventory, June 30
Finished goods inventory, June 30
Cost of goods sold through June 30
Accounts payable (materials suppliers), June 30
Manufacturing overhead through June 30
Payroll payable, June 30
Withholding and other payroll liabilities, June 30
Overhead applied through June 30
A count of the inventories on hand July 31 shows the following:
Materials inventory
Work-in-process inventory
Finished goods inventory
$ 44,500
?
42,000
• Manufacturing overhead incurred through July was $233,900.
Cost of goods sold through July 31 was $417,800.
Interviews with various plant administrative employees August 1 reveal some additional information:
• The company currently owes materials suppliers $54,600.
• The company paid suppliers $40,800 cash during July.
Plant payroll during July totaled $84,500, of which $18,300 was for indirect labor.
• Indirect materials cost during July was $4,900.
Overhead during July was underapplied by $4,100.
Required:
Determine the balance of the Work-in-Process Inventory on July 31.
$ 61,000
88,500
39,000
367,900
24,900
201,800
Ending balance of work-in-process inventory on July 31
14,400
190,900
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