Work - in - Process Inventory 2,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 23

At the beginning of the year, Conway Manufacturing had the following account balances:
Work - in - Process Inventory
2,000
Finished Goods Inventory
8,000
Manufacturing Overhead
Cost of Goods Sold
Transcribed Image Text:At the beginning of the year, Conway Manufacturing had the following account balances: Work - in - Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead Cost of Goods Sold
Sales Revenue
The following additional details are provided for the year:
Direct materials placed in production
$84,000
191,900
300,700
297,700
500,500
Direct labor incurred
Manufacturing overhead incurred
Manufacturing overhead allocated to production
Cost of jobs completed and transferred
The ending balance in the Work - in - Process Inventory account is a
O A. credit of $75,100
O B. credit of $2,000
OC. debit of $75,100
O D. debit of $2,000
Transcribed Image Text:Sales Revenue The following additional details are provided for the year: Direct materials placed in production $84,000 191,900 300,700 297,700 500,500 Direct labor incurred Manufacturing overhead incurred Manufacturing overhead allocated to production Cost of jobs completed and transferred The ending balance in the Work - in - Process Inventory account is a O A. credit of $75,100 O B. credit of $2,000 OC. debit of $75,100 O D. debit of $2,000
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