Answered Essay: Manufacturing wages incurred amounted to S85,000 of which $65,000 were for direct labor. Ma

17.4-4a Question Help On January 1, Biden, Incs Work-in-Process Manufact nng wages in ured amounted to S85,000 of which $65,000 were for dred lab r Manufact ing o eth d is allocated on the basis of 120% of dred labor cost Actual manufacturing overhead was $91,000. Jobs costing $220,400 were completed during the year. What is the December 31 balance of Work-in-Process account had a balance of $30,600. During the year, $58100 of direct materials was placed into production O A. $11,300 O B. $153,700 O C. $30,600 O D. $231,700 19.so 21 sol 23 solu All parts showing 35% 6/4/2013 302 PM 1.770 KB 1,162 KB No h26 solution Microsoft Excel 97-2003

On January 1, Biden, Inc’s Work-in-Process inventory account had a balance of $30,600. During the year, $58,100 of direct materials was placed into production. Manufacturing wages incurred amounted to S85,000 of which $65,000 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $91,000. Jobs costing $220,400 were completed during the year. What is the December 31 balance of Work-in-Process inventory? A. $11,300 B. $153,700 C. $30,600 D. $231,700

Expert Answer

 

Solution: 11,300

Working:

Beginning balance in WIP Inventory 30,600
Add
Direct materials 58,100
Direct labor 65,000
Manufacturing overhead 78000 120%*65000
Less: Transfer to finished goods inventory -220,400
Ending balance in WIP Inventory 11,300
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