The following information was taken from the accounting records of Precision Parts Incorporated: . • . • • Work in process inventory, beginning of the year: $45,000 Cost of direct materials used: $320,000 Direct labor cost applied to production: $180,000 Cost of finished goods manufactured: $820,000 Overhead assigned to production: $350,000 Compute the amount of the work in process inventory on hand at year-end.

The following information was taken from the accounting records of Precision Parts Incorporated: . • . • • Work in process inventory, beginning of the year: $45,000 Cost of direct materials used: $320,000 Direct labor cost applied to production: $180,000 Cost of finished goods manufactured: $820,000 Overhead assigned to production: $350,000 Compute the amount of the work in process inventory on hand at year-end.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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