Question

Sheffield Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187000 Beginning balance,...

Sheffield Industries reported the following information for December:

Beginning balance, Raw Materials Inventory $187000
Beginning balance, Work in Process Inventory 296000
Beginning balance, Finished Goods Inventory 107450
Manufacturing overhead applied 537000
Purchases of raw materials 337100
Factory electricity 62500
Direct labor payroll 194000
Depreciation on factory equipment 218200
Insurance on factory building 49800
Indirect materials used in production 43650
Total raw materials used in production 406000
Indirect labor payroll 158000
Cost of goods manufactured 1243000
Cost of Goods Sold 1312100


What was the ending balance in Sheffield’s Work in Process Inventory account at December 31?

$141500

$177900

$256500

$74450

Business   Accounting   
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Answer #1

Answer:
a.$141500

Explanation:
Raw Material Consumed= Opening+Purchases-Closing
406000=187000+337100-Closing Raw material
Therefore, Closing Raw material= 118100

Cost of Goods Sold= Opening+Cost of Production-Closing
Therefore, Closing Finished Goods=107450+1243000-1312100=38350

Total Closing Stock=Opening Stock +RM Purchase+Direct Labour+Factory Electricity+Depreciation+INsurance+Indirect Labour-COGS
Thus,
Cl. Stock of WIP+118100+38350=187000+296000+107450+337100+194000+62500+218200+49800+158000-1312100
Therefore, Closing Stock of Work In Progress=141500

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