The following information was taken from the accounting records of Reliable Tool Corporation: Work in process inventory, beginning of the year - $35,000 Cost of direct materials used - 260,000 - Direct labor cost applied to production 150,000 Cost of finished goods manufactured - 707,750 Overhead is assigned to production at $300,000. Compute the amount of the work in process inventory on hand at year-end.

Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 27E: Selected information concerning the operations of a company for the year ended December 31 is as...
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The following information was taken from the accounting
records of Reliable Tool Corporation:
Work in process inventory, beginning of the year - $35,000
Cost of direct materials used - 260,000
-
Direct labor cost applied to production 150,000
Cost of finished goods manufactured - 707,750
Overhead is assigned to production at $300,000.
Compute the amount of the work in process inventory on hand
at year-end.
Transcribed Image Text:The following information was taken from the accounting records of Reliable Tool Corporation: Work in process inventory, beginning of the year - $35,000 Cost of direct materials used - 260,000 - Direct labor cost applied to production 150,000 Cost of finished goods manufactured - 707,750 Overhead is assigned to production at $300,000. Compute the amount of the work in process inventory on hand at year-end.
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