Payne Company developed the following data for the current year: Beginning work in process inventory $...
Payne Company developed the following data for the current year: Beginning work in process inventory $ 68,000 Direct materials used 104,000 Actual overhead 88,000 Overhead applied 92,000 Cost of goods manufactured 450,000 Total manufacturing costs 428,000
1. How much is Payne Company's direct labour cost for the year?
2. How much is Payne Company's ending work in process inventory for the year?
Homework Answers
1) Calculate direct labor cost
| Total manufacturing cost | 428000 |
| Direct material | -104000 |
| Applied overhead | -92000 |
| Direct labor cost | 232000 |
2) Calculate ending work in process
| Beginning work in process | 68000 |
| Total manufacturing cost | 428000 |
| Total cost of work in process | 496000 |
| Less: Cost of goods manufactured | -450000 |
| Ending work in process | 46000 |
The answer is $232,000, once you substract the Total Manufacturing cost (428000) - Direct Material (104000) - Applied Overhead (92000).
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