Question

XYZ Company recorded the following information related to their inventory accounts for 2018: January 1, 2018...

XYZ Company recorded the following information related to their inventory
accounts for 2018:

                  January 1, 2018        December 31, 2018
Direct materials     10,000                   17,000
Work in process      11,000                      ?
Finished goods       16,000                    9,000

Additional information is as follows:

Direct materials purchased ..........   $20,000
Direct labor ........................    15,000
Actual manufacturing overhead .......    14,000
Applied manufacturing overhead ......    16,000
Cost of goods manufactured ..........    31,000

Calculate the work in process inventory balance at December 31, 2018.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Direct material used : 10000beginning+20000purchased -17000ending

            = 13000

Manufacturing cost incurred during the year : Direct material used +direct labor +overhead applied

             13000+15000+16000

                 44000

Cost of goods manufactured =beginning WIP +Cost incurred during the year -ending WIP

       31000 = 11000+44000-ENding WIP

Ending WIP = 11000+44000-31000 = 24000

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
XYZ Company recorded the following information related to their inventory accounts for 2018: January 1, 2018...
XYZ Company recorded the following information related to their inventory accounts for 2018: January 1, 2018 December 31, 2018 Direct materials 10,000 17,000 Work in process 11,000 ? Finished goods 16,000 9,000 Additional information is as follows: Direct materials purchased .......... $20,000 Direct labor ........................ 15,000 Actual manufacturing overhead ....... 14,000 Applied manufacturing overhead ...... 16,000 Cost of goods manufactured .......... 31,000 Calculate the work in process inventory balance at December 31, 2018.
XYZ Company recorded the following information related to their inventory accounts for 2018: January 1, 2018...
XYZ Company recorded the following information related to their inventory accounts for 2018: January 1, 2018 December 31, 2018 Direct materials 17,000 10,000 Work in process 11,000 ? Finished goods 16,000 9,000 Additional information is as follows: Direct materials purchased .......... $19,000 Direct labor ........................ 15,000 Applied manufacturing overhead ...... 14,000 Actual manufacturing overhead ....... 16,000 XYZ Company reported an unadjusted cost of goods sold for 2018 of $56,000. Calculate the work in process inventory balance at December 31, 2018.
The accounting records of Omar Company contained the following information for last year: Beginning Ending Direct...
The accounting records of Omar Company contained the following information for last year: Beginning Ending Direct materials inventory........................ $9,000 $7,000 Work in process inventory....................... $17,000 $31,000 Finished goods inventory........................ $10,000 $15,000 Manufacturing costs incurred Direct materials used............................... $72,000 Overhead applied..................................... $24,000 Direct labor cost (10,000 hours).............. $80,000 Depreciation............................................. $10,000 Rent......................................................... $12,000 Taxes........................................................ $8,000 Cost of goods sold................................... $157,000* * Selling and administrative costs incurred Advertising.............................................. $35,000 Rent......................................................... $20,000 Clerical..................................................... $25,000 3. If Omar Company applies overhead to jobs on the...
Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process,...
Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $36,000, $31,000 and $27,000 respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $43,000, $37,000 and $20,000 respectively. Direct material purchases were $570,000. Direct labor was $230,000 for the year. Factory overhead was $143,000. Finished goods inventory, January 1 $ Work in process inventory, January 1 $ Direct materials: Direct materials, January 1 $...
The following information is for X Company, a manufacturer, in 2018: Direct materials purchased $37,195 Direct...
The following information is for X Company, a manufacturer, in 2018: Direct materials purchased $37,195 Direct materials used 34,907 Direct labor 12,467 Overhead 22,360 Work in Process Inventory, January 1, 2018 6,060 Work in Process Inventory, December 31, 2018 8,338 Finished Goods Inventory, December 31, 2018 3,148 Cost of Goods Sold 67,226 What was the balance in Finished Goods Inventory on January 1, 2018?
The following information is available for Marks Company at December 31, 2017: 1. Inventory balance Beginning...
The following information is available for Marks Company at December 31, 2017: 1. Inventory balance Beginning of Year End of Year Finished Goods $14,000 $10,000 Work in Process 6,000 12,000 Raw Materials 10,300 6,500 2. Debit postings to Work in Process Inventory during the year were: Direct materials $90,000 Direct labor 60,000 Manufacturing overhead applied 75,000 3. Sales totaled $310,000 for the year. make an income statement for the following data
XYZ Company had the following information: Budgeted overhead                                &nb
XYZ Company had the following information: Budgeted overhead                                         $75,000 Actual overhead                                              $80,000 Budgeted Direct-labor hours                          20,000 Ending balances in the following accounts: Ending Balance Actual DLH in Ending Balance Raw Materials Inventory $ 40,000 0 Work In Process Inventory $ 30,000 2,100 Finished Goods Inventory $ 60,000 8,400 Cost of Goods Sold $210,000 10,500 If 21,000 direct labor hours are used, calculate the amount of allocated manufacturing overhead. By how much is XYZ’s manufacturing overhead under or over applied? Be...
Direct materials inventory, January 1 $ 2,520 Direct materials inventory, December 31 2,088 Work-in-process inventory, January...
Direct materials inventory, January 1 $ 2,520 Direct materials inventory, December 31 2,088 Work-in-process inventory, January 1 5,440 Work-in-process inventory, December 31 6,110 Finished goods inventory, January 1 22,320 Finished goods inventory, December 31 38,770 Cost of goods manufactured during this year 611,650 Total manufacturing costs 612,320 Direct labor 270,400 Manufacturing overhead 225,000 Average selling price per unit 18 Gross margin percentage (as a percentage of sales) 38 % if this is the infomation given how can I find the...
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year...
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided: Item Amount Sales $200,000 Cost of Goods Manufactured 58,000 Direct Material Purchased 80,000 Factory Overhead 20,000 Work in Process - January 1 60,000 Work in Process - December 31 30,000 Direct Material - December 31 20,000 Finished Goods Inventory - December 31 41,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 63,000 Use this information to determine the...
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year...
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided: Item Amount Sales $200,000 Cost of Goods Manufactured 55,000 Direct Material Purchased 80,000 Factory Overhead 20,000 Work in Process - January 1 60,000 Work in Process - December 31 30,000 Direct Material - December 31 20,000 Finished Goods Inventory - December 31 30,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 50,000 Use this information to determine the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT