Question

1.The balance in the Work in Process account equals:

the balance in the Finished Goods inventory account.

the balances on the job cost sheets of uncompleted jobs.

the balance in the Manufacturing Overhead account.

the balance in the Cost of Goods Sold account.

2. The following data have been recorded for recently completed Job 674 on its job cost sheet. Direct materials cost was $2,039. A total of 32 direct labor-hours and 175 machine-hours were worked on the job. The direct labor wage rate is $14 per labor-hour. The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $15 per machine-hour. The total cost for the job on its job cost sheet would be:

Answer 1

Answer 1-b. the balances on the job cost sheets of uncompleted jobs.
Work in process - is the inventory that is partialy finished or waiting to be finished. So, the Wotk in process balance is the total of the cost incurred in uncompleted goods.
Answer 2.
Calculation of Total Cost of Job 674:
Direct Material	2,039.00
Direct Labor - 32 DLH X $14	448.00
Overhead Applied - 175 mach hrs X $15	2,625.00
Total Cost	5,112.00