Moira Paints, Inc has just finished its first year of operations. At year end, MOH allocated...
Moira Paints, Inc has just finished its first year of
operations. At year end, MOH allocated was $435,000 and MOH control
was $425,000. The firms decides to prorate the under or overapplied
overhead based on the ending balances in the appropriate accounts.
Ending balances are:
Materials
inventory $20,000
WIP
inventory 40,000
FG
inventory 80,000
COGS 680,000
After closing out the overhead accounts using the proration method, what is the balance in the WIP inventory account?
Question 1 options:
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Homework Answers
Correct answer----(a) $39,500
|
Overapplied overheads(435000-425000) |
$ 10,000.00 |
|
Applying overapplied overheads to WIP inventory |
|
|
WIP inventory |
$ 40,000.00 |
|
FG inventory |
$ 80,000.00 |
|
COGS |
$ 6,80,000.00 |
|
Total |
$ 8,00,000.00 |
|
Overheads to be credited to WIP Inventory (10000/800000 x 40000) |
$ 500.00 |
|
Balance in WIP (40000-500) |
$ 39,500.00 |
Overheads are not applied to material cost
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please, thank you!
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