Question

Lakeside Company's schedule of cost of good manufactured include the following for April:Cost of Goods Manufactured $69,300Direct Materials Used $27,000Direct Labor Used $30,000Work in Process Inventory, April 1, 2005 $9,000Manufacturing overhead is applied for $8,000. Work in process inventory at April 30:

Answer 1

Answer:

Work in process inventory at April 30 is $4,700

Explanation:

In this question, we apply the cost of goods manufactured formula which is shown below:

Cost of goods manufactured = Opening balance of work in progress  + total manufacturing cost - ending balance of work in progress

where,

Total manufacturing cost =  Direct material + direct labor + overhead

                                          = $27,000 + $30,000 + $8,000

                                           = $65,000

So, the ending balance work in progress equal to

=  $9,000 + $65,000 - $69,300

=  $4,700