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Bas_tet [7]
3 years ago
15

During the month of June, Telecom Inc. had cost of goods manufactured of $112,000, direct materials cost of $52,000, direct labo

r cost of $37,000 and overhead cost of $26,000. The work in process balance at June 30 equaled $10,000. What was the work in process balance on June 1?
Business
1 answer:
olchik [2.2K]3 years ago
7 0

Answer:

Beginning work in process= $7000

Explanation:

Giving the following information:

Cost of goods manufactured by $112,000.

Direct materials cost of $52,000

Direct labor cost of $37,000.

Overhead cost of $26,000.

The work in process balance at June 30 equaled $10,000

Work in process on June 1?

Cost of goods sold= Beginning work in process + direct material + direct labor + manufacturing overhead - ending work in process

112000= ? + 52000 + 37000 + 26000 - 10000

Beginning work in process= 112000 - 52000 - 37000 - 26000 + 10000= $7000

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Answer:

The company should credited on the Cash account and the Cash Discount Receipt for the settlement of the inventory with 10 days.

Explanation:

The detailed entry will be:

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Working note: As the company paying with 10 days, the supplier will allow a 2% discount on it net inventory purchase ( 44,000 - 4,000 = $40,000)

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3 years ago
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Answer:

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Explanation:

5 0
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<h2>Hello!</h2>

The answer is C. Coercive.

<h2>Why?</h2>

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3 years ago
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