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H3Ko H3Ko
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7 years ago
On January 1, Biden, Inc.'s Work-in-Process Inventory account had a balance of $31,900. During the year, $58,500 of direct materials was placed into production. Manufacturing wages incurred amounted to $85,000, of which $64,500 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,300. Jobs costing $220,800 were completed during the year. What is the December 31 balance of Work-in-Process Inventory?
A) $232,300
B) $11,500
C) $31,900
D) $154,900
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Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


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H3Ko Author
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7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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