Here are selected data for King Friday Corporation: Beginning raw materials inventory $37,000 Beginning work in...
Here are selected data for King Friday Corporation:
|
Beginning raw materials inventory |
$37,000 |
Beginning work in process inventory |
$61,600 |
|
|
Beginning finished goods inventory |
$56,300 |
Cost of materials purchased |
$151,000 |
|
|
Cost of direct materials requisitioned |
$91,800 |
Direct labor incurred |
$125,000 |
|
|
Actual manufacturing overhead |
$160,000 |
Cost of goods manufactured |
$287,500 |
|
|
Cost of goods sold |
$265,000 |
Predetermined Manufacturing overhead rate (% of direct labor) |
125% |
What is the ending work in process inventory balance?
A.
$220,300
B.
$201,950
C.
$147,150
D.
$211,600
Homework Answers
Closing raw material = opening + purchase - transfer
= $37000 + 151000 - 91800 = $96,200
Work in process = Beginning wip + Raw material + direct labor + manufacturing overhead - cost of goods manufactured
= $61600 + 91800 + 125000 + 156250 - 287500
= $147150
Option C is correct answer.
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Here are selected data for King Friday Corporation:
Beginning raw materials inventory
$37,000
Beginning work in...
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