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Mamont248 [21]
3 years ago
14

Here are selected data for Tyler​ Corporation: Cost of materials purchases on account ​$ 68,000 Cost of materials requisitioned​

(includes $4,500 of​ indirect) ​51,000 Direct labor costs incurred ​77,000 Manufacturing overhead costs​ incurred, including indirect materials ​97,500 Cost of goods manufactured ​223,000 Cost of goods sold ​151,000 Beginning raw materials inventory ​ 14,500 Beginning work in process inventory ​29,700 Beginning finished goods inventory ​32,800 Predetermined manufacturing overhead rate​ (as % of direct labor​ cost) ​130% What is the balance in work in process inventory at the end of the​ year?
A) $27,700
B) $23,800
C) $30,300
D) $49,200
Business
1 answer:
Vaselesa [24]3 years ago
7 0

Answer:

correct option is C) $30,300

Explanation:

solution first we find Manufacturing Overhead Allocated that is express as

Manufacturing Overhead Allocated = 130% × Direct Labor Cost incurred     .............1

Manufacturing Overhead Allocated = 130% × $77,000

Manufacturing Overhead Allocated = $100,100

and  Direct Material  is

Direct Material = Cost of Materials requisitioned - Indirect Materials     .......................2

Direct Material = $51,000 - 4,500

Direct Material = $46,500

and

so Total Cost added to Work in Process will be

Total Cost added to Work in Process = Direct Materials + Direct Labor + Manufacturing Overhead       ...................3

Total Cost added to Work in Process = $46,500 + 77,000 + 100,100

Total Cost added to Work in Process = $223,600

and

Balance in Work in Process Inventory = Total Cost added to Work in Process – Cost of goods manufactured + Beginning Inventory    ..................4

Balance in Work in Process Inventory = $223,600 – 223,000 + 29,700

Balance in Work in Process Inventory = $30,300

so correct option is C) $30,300

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8 0
3 years ago
For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabiliti
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Answer:

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cash                             16,000  debit +assets

acc depreciation        23,700 debit +asset

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equipment                                   45,000 credit -assets

Explanation:

We follow the accounting principles:

debit = credit

asset + expense = liabilities + equity + expenses

DEBIT //  CREDIT           DEBIT //  CREDIT

----------------------          ---------------------------------

+++++   //  --------             ------- ///    +++++++

Left side increase fro mdebit and decrease from credit

right side increase through credit decrease with debit.

7 0
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