Question

Basil Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187,500 Beginning balance,...

Basil Industries reported the following information for December:

Beginning balance, Raw Materials Inventory $187,500
Beginning balance, Work in process Inventory 300,000
Beginning balance, Finished Goods Inventory 106,250
Purchases of raw materials 337,500
Factory electricity 62,500
Direct labor payroll 200,000
Depreciation on factory equipment 218,750
Insurance on factory building 50,000
Indirect materials used in production 43,750
Total raw materials used in production 406,250
Indirect labor payroll 150,000
Cost of goods manufactured 1,250,000
Cost of goods sold 1,312,500


What was the ending balance in Basil’s Work in Process Inventory account?

$75,000

$137,500

$262,500

$181,250

Homework Answers

Answer #1
Total raw materials used in production 406250
(-) Indirect materials used in production 43750
Direct materials used in production 362500
Direct labor payroll 200000
Factory overheads :
Factory electricity 62500
Depreciation on factory equipment 218750
Insurance on factory building 50000
Indirect materials used in production 43750
Indirect labor payroll 150000
Total factory overheads 525000
Total manufacturing cost 1087500
Beginning balance, Work in process Inventory 300000
(+) Total manufacturing cost 1087500
(-) Cost of goods manufactured 1250000
Ending balance, Work in process Inventory 137500
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