Question

Work in Process Apr. 1 Balance 7,000 Apr. 30 Goods finished X 30 Direct materials 78,400 30 Direct labor 195,000 30 Factory overhead 136,500 Finished Goods Apr. 1 Balance 42,000 30 Goods finished 387,000 What was the balance of Work in Process as of April 30?

Answer 1

Answer:

The ending balance of work in progress amounts to $29,900

Explanation:

Work in progress is defined as the term of management of supply chain which states the pending progress of the product that is awaiting for complication. It is the component of the inventory asset.

Computing the balance of work in progress on April 30 as:

Balance of Work in progress (ending balance ) = Opening balance + Direct material + Direct Labor + Factory Overhead

where

Opening balance is $7,000

Direct material is $78,400

Direct labor is $195,000

Factory Overhead is $136,500

Putting the values above:

Ending balance of work  = $7,000 + $78,400 + $195,000 + $136,500

Ending balance of work = $29,900