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Author Question: The following account balances at the beginning of January were selected from the general ledger of ... (Read 49 times)

tuffie

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on: Jan 4, 2020
The following account balances at the beginning of January were selected from the general ledger of Sailor Manufacturing Company:

Work in process inventory $0
Raw materials inventory $26,000
Finished goods inventory $46,000

Additional data:
1)  Actual manufacturing overhead for January amounted to $62,000.
2)  Total direct labour cost for January was $57,000.
3)  The predetermined manufacturing overhead rate is based on direct labour cost. The budget for
the year called for $300,000 of direct labour cost and $360,000 of manufacturing overhead costs.
4)  The only job unfinished on January 31 was Job No. 1002, for which total direct labour charges
were $6,300 (800 direct labour hours) and total direct material charges were $12,000.
5)  Cost of direct materials placed in production during January totaled $101,000.
6)  January 31 balance in raw materials inventory was $32,000.
7)  Finished goods inventory balance on January 31 was $34,500.


What is the work in process inventory balance on January 31 at Sailor Manufacturing Company?
◦ $49,550
◦ $23,550
◦ $7,560
◦ $25,860
Managerial Accounting, Canadian Edition ¦ Braun, Tietz, Pyper ¦ 2nd Edition
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Marked as best answer by tuffie on Jan 4, 2020

SeanoH09

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Reply #1 on: Jan 4, 2020
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tuffie

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Reply 2 on: Jan 4, 2020
Excellent

amynguyen1221

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Reply 3 on: Yesterday
:D TYSM

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