What are the 3 categories of costs included in the work-in-process inventory?
What are the 3 categories of costs included in the work-in-process inventory?
Homework Answers
Work in process inventory is one the three category of inventory, work in process is the middle stage of manufacturing of goods. Raw materials are converted to finished good, inventories on such conversation stage are treated as work in process.
There are three main costs included in the work in process, such are (i) Raw material cost, (ii) Direct labor cost and (iii) Direct expenses which are Useful to convert raw materials.
To conversation raw materials, any organisation need labor cost and direct expenses. For example we can say 100% raw materials cost and More or like 50 % of direct labor cost and direct expenses cost are called as work in process.
100% Raw materials, 100% Direct labor and 100% Direct expenses, we may call these are finished goods.
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What are the 3 categories of costs included in the
work-in-process inventory?
Direct materials costs to Work in Process Inventory. Direct labor costs to Work in Process Inventory....
Direct materials costs to Work in Process Inventory.
Direct labor costs to Work in Process Inventory.
Overhead costs to Work in Process Inventory.
Indirect materials costs to the Factory Overhead account.
Indirect labor costs to the Factory Overhead account.
Required: Prepare journal entries to assign the above
costs.
Required information Problem 2-2A Source documents, journal entries, overhead, and financial reports LO P1, P2, P3, P4 The following information applies to the questions displayed below.) Bergamo Bay's computer system generated the...
What was the Work-in-Process beginning inventory balance? f. What was the Work-in-Process ending inventory balance?
Account TitlesDebitCreditWork-in-Process Inventory (Direct Labor)10,000Wages Payable10,000Direct Material Inventory14,200Accounts Payable14,200Finished Goods Inventory36,200Work-in-Process Inventory36,200Cost of Goods Solda44,100Finished Goods Inventory44,100 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For June, the amount written off was 5 percent of overhead applied for June. The Work-in-Process ending account balance on June 30 was twice the beginning balance. The Direct Material Ending Inventory balance on June 30 was $6,970 less...
What kind of costs are included in merchandise inventory account?
What kind of costs are included in merchandise inventory account?
Define merchandise inventory. What types of costs are included in the Merchandise inventory account?
Define merchandise inventory. What types of costs are included in the Merchandise inventory account?
Define merchandise inventory. What types of costs are included in the Merchandise inventory account? ( min...
Define merchandise inventory. What types of costs are included in the Merchandise inventory account? ( min 150-200 words)
Work-in-Process Inventory for Carston Inc. at the beginning of the year was a single job, Job T114: Work-in-Process Inv...
Work-in-Process Inventory for Carston Inc. at the beginning of
the year was a single job, Job T114:
Work-in-Process Inventory for Carston Inc. at the beginning of the year was a single job, Job T114: Direct Direct Job # Materials Labor Overhead Total $ 16,250 $ 76,500 $ 31,500 T114 $28,750 The company's budgeted costs for the year are as follows: Budgeted overhead Variable $ 68,000 Indirect materials Indirect labor 56,000 28,000 Employee benefits Fixed Supervision Depreciation 13,000 15,000 $180,000 Total...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $600 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1.275 $1.825 Linton $900 600 750 $2.250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary...
Explain how other manufacturing costs are found. Complete the problem Direct materials inventory Work-in-process inventory Finished...
Explain how other manufacturing costs are found. Complete the
problem
Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 22,200 32,500 5,400 December 31 (Ending) $ 24,800 29,100 7,500 Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $52.900. Required: Prepare a cost of goods sold statement. Answer is not complete. || 32,500 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning...
Beginning Work in Process Inventory, $6,000 overhead costs were $88,000 82,000
Beginning Work in Process Inventory, $6,000 overhead costs were $88,000 82,000
Question 10 Bonita Industries has beginning work in process inventory of $164000 and total manufacturing costs...
Question 10 Bonita Industries has beginning work in process inventory of $164000 and total manufacturing costs of $886000. If cost of goods manufactured is $860000, what is the cost of the ending work in process inventory? O $190000. O $138000 O $210000. 0 $170000
Direct materials costs to Work in Process Inventory.
Direct labor costs to Work in Process Inventory.
Overhead costs to Work in Process Inventory.
Indirect materials costs to the Factory Overhead account.
Indirect labor costs to the Factory Overhead account.
Required: Prepare journal entries to assign the above
costs.
Required information Problem 2-2A Source documents, journal entries, overhead, and financial reports LO P1, P2, P3, P4 The following information applies to the questions displayed below.) Bergamo Bay's computer system generated the...
Work-in-Process Inventory for Carston Inc. at the beginning of
the year was a single job, Job T114:
Work-in-Process Inventory for Carston Inc. at the beginning of the year was a single job, Job T114: Direct Direct Job # Materials Labor Overhead Total $ 16,250 $ 76,500 $ 31,500 T114 $28,750 The company's budgeted costs for the year are as follows: Budgeted overhead Variable $ 68,000 Indirect materials Indirect labor 56,000 28,000 Employee benefits Fixed Supervision Depreciation 13,000 15,000 $180,000 Total...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $600 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1.275 $1.825 Linton $900 600 750 $2.250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary...
Explain how other manufacturing costs are found. Complete the
problem
Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 22,200 32,500 5,400 December 31 (Ending) $ 24,800 29,100 7,500 Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $52.900. Required: Prepare a cost of goods sold statement. Answer is not complete. || 32,500 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning...
Beginning Work in Process Inventory, $6,000 overhead costs were $88,000 82,000
Question 10 Bonita Industries has beginning work in process inventory of $164000 and total manufacturing costs of $886000. If cost of goods manufactured is $860000, what is the cost of the ending work in process inventory? O $190000. O $138000 O $210000. 0 $170000
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