Ask Question
5 December, 04:52

If the cost of the beginning work in process inventory is $70,000, costs of goods manufactured is $935,000, direct materials cost is $339,000, direct labor cost is $219,000, and overhead cost is $324,000, calculate the ending work in process inventory:

+4
Answers (1)
  1. 5 December, 06:52
    0
    Ending WIP = $17,000

    Explanation:

    Giving the following information:

    The cost of the beginning work in process inventory is $70,000

    The costs of goods manufactured is $935,000

    Direct materials cost is $339,000

    Direct labor cost is $219,000

    Allocated overhead cost is $324,000

    Using the following formula, we can calculate the ending work in process:

    cost of goods manufactured = beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

    935,000 = 70,000 + 339,000 + 219,000 + 324,000 - Ending WIP

    Ending WIP = $17,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “If the cost of the beginning work in process inventory is $70,000, costs of goods manufactured is $935,000, direct materials cost is ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers