Answer:
$479,520
Explanation:
Calculation for the balance of the Work in Process Inventory account on June 30
First step is to calculate the Predetermine overhead rate
Predetermine overhead rate = 800,000/500,000
Predetermine overhead rate = 1.6 per labour hour
Second Step will be to calculate the Total cost for Job X43 and Job Z22
Job X43 Job Z22
Direct material 110,000 79,000
(Job X43 86,000+24,000=110,000)
(Job Z22 44,000+35,000=79,000)
Add Direct labour 129,000 140,000
(Job X43 101,000+28,000=129,000)
(Job Z22 78,000+62,000=140,000)
Add Manufacturing overhead applied
10,320 11,200
[Job X43 (5,050+1,400) *1.60= 10,320]
[Job Z22 (3,900+3,100)*1.6= 11,200]
Total cost 249,320 230,200
Last step is to calculate Work in process balance
Work in process balance = (249,320+230,200) Work in process balance=$ 479,520
Therefore the balance of the Work in Process Inventory account on June 30 will be $ 479,520
