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Mcie Corporation is a manufacturer that uses job-order costing. The company has supplied the ...

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Mcie Corporation is a manufacturer that uses job-order costing. The company has supplied the ...

Mcie Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:

Beginning inventories:
Raw materials	$ 33,000
Work in process	$ 20,000
Finished goods	$ 35,000
Estimated total manufacturing overhead at the beginning of the year	$567,000
Estimated direct labor-hours at the beginning of the year	36,000	direct labor-hours

Results of operations:

Raw materials purchased on account	$ 497,000
Raw materials (all direct) requisitioned for use in production	$ 452,000
Direct labor cost	$ 591,000
Actual direct labor-hours	45,000	direct labor-hours
Manufacturing overhead:
Indirect labor cost	$ 124,000
Other manufacturing overhead costs incurred	$ 598,000
Cost of goods manufactured	$1,557,000

Required:
a. What is the ending balance in Raw Materials?
b. What is the ending balance in Work in Process?

Textbook

Introduction to Managerial Accounting: Brewer Edition: 9e

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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