Question

The following information has been provided by Crosby Corporation: Direct Labor $6000​ Direct Materials Used 3000​...

The following information has been provided by Crosby Corporation:
Direct Labor $6000​
Direct Materials Used 3000​
Direct Materials Purchased 9000​
Cost of Goods Manufactured 13,000​
Ending Work-in-Process Inventory 1400​
Corporate Headquarters' Property taxes 900​
Manufacturing Overhead Incurred 400​
The beginning balance of Work-in-Process Inventory account was ________.		 33) ______
A) $9400
B) $5000
C) $4500
D) $21,000
Business   Accounting   
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Answer #1

Calculation of the Beginning Work-in-Process Inventory  
Particulars Amount ($)
Ending Work-in-Process Inventory               1,400
Add: Cost of Goods Manufactured             13,000
Total cost work in process           14,400
Less: Total manufacturing cost [$6,000 + $3,000 + $400]             9,400
Beginning Work-in-Process Inventory              5,000

Therefore, the beginning balance of Work-in-Process Inventory account was $5,000

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