Question

The following is selected financial data from Turtle Bay Manufacturing for the most recent year. Ending...

The following is selected financial data from Turtle Bay Manufacturing for the most recent year.

Ending raw materials inventory

$ 21 comma 400$21,400

Ending work in process inventory

$ 44 comma 800$44,800

Ending finished goods inventory

$ 53 comma 600$53,600

Amount of underallocated manufacturing overhead

$ 5 comma 800$5,800

Cost of goods sold for year

$ 85 comma 900$85,900

Cost of raw materials purchased during year

$ 45 comma 600$45,600

Cost of direct materials requisitioned during year

$ 43 comma 900$43,900

Cost of indirect materials requisitioned during year

$ 7 comma 200$7,200

Cost of goods completed during year

$ 120 comma 200$120,200

Manufacturing overhead allocated

$ 60 comma 000$60,000

Manufacturing overhead​ % of direct labor cost

125125​%

What is the beginning work in process​ inventory?

A.

$ 61 comma 100$61,100

B.

$ 13 comma 100$13,100

C.

$ 32 comma 200$32,200

D.

$ 66 comma 600

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Answer #1

OPTION - B. $13,100.

Calculation of Beggining WIP.

Cost of goods completed

 $120,200
Add: Ending inventory of WIP $44,800
Total cost of Work in process $165,000
Less: Current Manufacturing cost
Direct material consumed $43,900
Direct labor cost (60000/125%) $48,000
Mfg Overheads applied $60,000
Total Current manufacturing cost $151,900
Beginning Inventory of WIP $13,100

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