Question

Coronado Industries developed the following data for the current year: Beginning work in process inventory $190000 Direct materials used 94000 Actual overhead 238000 Overhead applied 166000 Cost of goods manufactured 214000 Total manufacturing costs 570000 Coronado Industries's ending work in process inventory is

Answer 1

Ending WIP= $546,000

Step-by-step explanation:

Giving the following information:

Beginning work in process inventory $190,000

Cost of goods manufactured 214,000

Total manufacturing costs 570,000

To calculate the ending work in process, we need to use the following formula:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

214,000= 190,000 + 570,000 - Ending WIP

Ending WIP= $546,000