Question

The following information is available at the end of May:Balance in work in process on May 1 $57,600Direct material costs for May $89,200Overhead applied at rate of 120% of direct labor dollars %76,500Jobs completed during May and transferred to finished goods inventory was $242,420. Compute the balance in the work in process inventory control account on May 31

Answer 1

Answer:

Work in process account= $76,680

Explanation:

Giving the following information:

Balance in work in process on May 1 $57,600

Direct material costs for May $89,200

Overhead applied at a rate of 120% of direct labor dollars

Direct labor= $76,500

Jobs completed during May and transferred to finished goods inventory was $242,420

Work in process account= Beginning work in process+direct materials + direct labor + manufacturing overhead - Jobs completed during May

Work in process account=57600 + 89200 + 76500 + (76500*1.20)- 242420

Work in process account= $76,680