Assume that the following events occurred at a division of Generic Electric for March of the...
Assume that the following events occurred at a division of Generic Electric for March of the current year:
1. Purchased $100 million in direct materials.
2. Incurred direct labor costs of $57 million.
3. Determined that manufacturing overhead was $83 million.
4. Transferred 80 percent of the materials purchased to work-in-process.
5. Completed work on 75 percent of the work-in-process. Costs are assigned equally across all work-in-process.
6. The inventory accounts have no beginning balances. All costs
incurred were debited to the appropriate account and credited to
Accounts Payable.
Required:
Give the amounts for the following items in the Work-in-process account: (Do not round your intermediate calculations. Enter your final answers in millions rounded to 2 decimal places.)
Homework Answers
Answer:
| (a) Transfers-in (TI) = 57+83+(100*80%)= $220 million |
| (b) Transfers-out (TO) = 220*75%= $165 million |
| (c) Ending balance (EB) = 220-165= $55 million |
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