Question

The following additional details are provided for the​ year: Direct materials placed in production $ 81 comma 500 Direct labor incurred 191 comma 900 Manufacturing overhead incurred 300 comma 000 Manufacturing overhead allocated to production 297 comma 200 Cost of jobs completed and transferred 500 comma 900 The ending balance in the WorkminusinminusProcess Inventory account is a​

Answer 1

The ending balance in the Work in Process Inventory account $72,500

Step-by-step explanation:

Direct materials$ 81,500

Direct labor $191,900

Manufacturing overhead $300,000

Manufacturing overhead allocated to production $297,200

Cost of jobs completed and transferred $500,900

Ending Balance of Work in process = Beginning Balance of Work in process +Direct materials + Direct labor Manufacturing overhead -Cost of jobs completed and transferred

Ending Balance of Work in process = $0 + $81,500 + $191,900 + $300,000 - $500,900

Ending Balance of Work in process = $72,500