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Reedy Company reports the following information for 2012: Cost of goods manufactured $69,500 Direct materials used...

Reedy Company reports the following information for 2012:
Cost of goods manufactured $69,500
Direct materials used 27,000
Direct labor incurred 25,000
Work in process inventory, January 1, 2012 11,000
Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31, 2012, is:

a) 13,500
b) 10,200
c) 22,500
d) 12,250
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Answer #1
Cost of goods manufactured = manufacturing cost +beginning inventory -ending inventory
$69,500 =27,000 +25,000 +75%*25,000 +11,000 - ending inventory

ending inventory = 12250


d) 12,250
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