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At the beginning of the year, Rupert Manufacturing had the following account ...

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At the beginning of the year, Rupert Manufacturing had the following account ...

At the beginning of the year, Rupert Manufacturing had the following account balances:

   Work-in-Process Inventory
2,000

   Finished Goods Inventory
8,000

   Manufacturing Overhead
0

   Cost of Goods Sold
0

   Sales Revenue
   0

The following additional details are provided for the year:

Direct materials placed in production   $ 80,000
Direct labor incurred   190,000
Manufacturing overhead incurred   300,000
Manufacturing overhead allocated to production   295,000
Cost of jobs completed   500,000
Jobs sold for total revenue of   750,000
Cost of jobs sold   440,000

The remaining balance of Manufacturing Overhead was adjusted to zero. Calculate the ending balances in Work-in-Process Inventory, Finished Goods Inventory, Manufacturing Overhead (unadjusted), and Cost of Goods Sold (after adjustment.)

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

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H3Ko Author

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7 years ago

I just realized you had posted this! Thanks so much

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