VanBuren Inc. had the following information about inventory balances for the year: Beginning Inventory January 1 Ending Inventory December 31 Raw Materials Inventory $ 40,000 $ 30,000 Work in Process Inventory $ 35,000 $ ?? Finished Goods Inventory $ 30,000 $ ?? Additional information for the year is as follows: Direct materials used $ 200,000 Direct labor $ 150,000 Applied Manufacturing overhead $ 160,000 Cost of goods manufactured (COGM) $ 525,000 Unadjusted Cost of goods sold (COGS) $ 544,000 What was the ending Work in Process Inventory balance on December 31? Multiple Choice $11,000 $54,000 $50,000 $20,000
VanBuren Inc. had the following information about inventory balances for the year: Beginning Inventory January 1 Ending Inventory December 31 Raw Materials Inventory $ 40,000 $ 30,000 Work in Process Inventory $ 35,000 $ ?? Finished Goods Inventory $ 30,000 $ ?? Additional information for the year is as follows: Direct materials used $ 200,000 Direct labor $ 150,000 Applied Manufacturing overhead $ 160,000 Cost of goods manufactured (COGM) $ 525,000 Unadjusted Cost of goods sold (COGS) $ 544,000 What was the ending Work in Process Inventory balance on December 31? Multiple Choice $11,000 $54,000 $50,000 $20,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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VanBuren Inc. had the following information about inventory balances for the year:
| Beginning Inventory January 1 | Ending Inventory December 31 | |||||
| Raw Materials Inventory | $ | 40,000 | $ | 30,000 | ||
| Work in Process Inventory | $ | 35,000 | $ | ?? | ||
| Finished Goods Inventory | $ | 30,000 | $ | ?? | ||
Additional information for the year is as follows:
| Direct materials used | $ | 200,000 |
| Direct labor | $ | 150,000 |
| Applied Manufacturing |
$ | 160,000 |
| Cost of goods manufactured (COGM) | $ | 525,000 |
| Unadjusted Cost of goods sold (COGS) | $ | 544,000 |
What was the ending Work in Process Inventory balance on December 31?
Multiple Choice
-
$11,000
-
$54,000
-
$50,000
-
$20,000
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