ADVANCED ACCOUNTING W/ACCESS >CUSTOM<
14th Edition
ISBN: 9781307594683
Author: Hoyle
Publisher: MCG/CREATE
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Chapter 10, Problem 16P
To determine
Identify the appropriate answer for the given statement from the given choices.
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On January 1, Jack Corp.'s Work-in-Process Inventory account had a balance of $29,600. During the year, $62,400 of direct materials was placed into production. Manufacturing wages incurred amounted to $88,500, of which $66,000 were for direct labor. Manufacturing overhead is allocated on the basis of 125% of direct labor cost. Actual manufacturing overhead was $92,800. Jobs costing $230,700 were completed during the year. What is the December 31 balance of Work-in-Process Inventory?
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