16) Work in process inventory on December 31 of the current year is $44,000. Work in...
16) Work in process inventory on December 31 of the current year is $44,000. Work in process inventory increased by 60% during the year. Cost of goods manufactured amounts to $275,000. What are the total manufacturing costs incurred in the current year? Please show your work.
a) $291,500
b) $302,000
c) $275,750
d) $233,750
Homework Answers
Beginning WIP=($44000/1.6)=$27500
Hence Cost of goods manufactured=Beginning WIP+total manufacturing costs incurred-Ending WIP
Hence
275000=27500+total manufacturing costs incurred-44000
Hence
total manufacturing costs incurred=(275000+44000-27500)
which is equal to
=$291500.
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