GreenWay Corp.'s Work-in-Process account shows direct materials used $60,000 and direct-labor cost of $50,000. The selling...
GreenWay Corp.'s Work-in-Process account shows direct materials used $60,000 and direct-labor cost of $50,000. The selling and administration expenses are $75,000. Manufacturing overhead applied is $40,000, ending work-in-process of $35,000, and cost of goods completed and transferred of $125,000. From this data, what is the cost of beginning Work-in-Process inventory? (A T-account may help you answer this question)
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Homework Answers
From the options
OPTION D IS CORRECT
particulars . Debit/ credit to work in process A/c
Beginning work in process. ? ( Debit)
Direct material used. Debit
Direct labour cost . Debit
Work in process closing . Credit
Cost of goods completed and transferred . Credit
Manufacturing overhead applied . Debit
Selling and administration expenses . Not relevant to the process Account
Total credit to work in process A/c = $35,00+$125,000 = $160,000
Total debited to work in process A/c = $60000+$50000+$40000 = $150,000
Balance figure in work in process A/c is Beginning work in process is $10000
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GreenWay Corp.'s Work-in-Process account shows direct materials
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#14
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Statement. Fill in the missing amounts for blanks 11 to 18
below.
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#14
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