Author Question: The following account balances at the beginning of January were selected from the general ledger of ... (Read 50 times)

tuffie · **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

SeanoH09 · **Reply #1 on:** Jan 4, 2020

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