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oksano4ka [1.4K]
3 years ago
7

XYZ Company reported the following information for the year 2020: Beginning raw materials inventory$37,000Beginning work in proc

ess inventory62,200 Beginning finished goods inventory58,300Cost of materials purchased151,000 Cost of direct materials requisitioned91,300Direct labor incurred135,000 Actual manufacturing overhead160,000Cost of goods manufactured287,000 Cost of goods sold265,000Manufacturing overhead rate (% of direct labor)125% What is the ending work in process inventory balance
Business
1 answer:
Iteru [2.4K]3 years ago
6 0

Answer:

Ending WIP = $18,375

Explanation:

The computation of the ending work in process inventory is shown below:

But before that first determine the manufacturing cost which is

Manufacturing cost incurred = Direct material used + Direct labor + Manufacturing overhead applied

= $91,300 + $135,000 + ($135,000 × 125%)

= $243,175

Now as we know that

Cost of goods manufactured = Beginning WIP + Manufacturing cost incurred during the period - Ending WIP

$287,000= $62,200 + $243,175 - Ending WIP

So,

Ending WIP = $18,375

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Even while GDP is frequently estimated on a yearly basis, it can also be calculated quarterly. For instance, the government of the United States produces an annualized GDP estimate for both the calendar year and each fiscal quarter. Each piece of data in this report is presented in real terms, which means that it has been adjusted for price changes and is therefore net of inflation.

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2 years ago
true or false The scope of a project is the overall work that needs to be completed to deliver the desired product, service, or
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3 years ago
An oil company purchased 10,000 acres of land on January 1, 2015, for $5,000,000, on which it developed an underground oil site.
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the depletion would be recorded is $1,575,000

Explanation:

The computation of the depletion would be recorded is shown below;

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Answer:

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