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Find Missing Data
Accounting records for NIC Enterprises (NICE) for September show the following (each entry is the total of the actual entries for the account for the month):
a This entry does not include any over- or underapplied
The Work-in-Process ending account balance on September 30 was 125 percent of the beginning balance. The Direct Material ending inventory balance on September 30 was $25,000 less than the beginning balance. The Finished Goods beginning balance on September 1 was $148,000. The September income statement shows revenues of $2,300,000 and a gross profit of $850,000.
Required
- a. What was the Finished Goods inventory on September 30?
- b. How much manufacturing overhead was applied for September?
- c. What was the manufacturing overhead rate for September?
- d. How much manufacturing overhead was incurred for September?
- e. What was the Work-in-Process beginning inventory balance?
- f. What was the Work-in-Process ending inventory balance?
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Fundamentals Of Cost Accounting (6th Edition)
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