8/17/2019 Chapter 14 in Class Work (Extra Credit) 5

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2/13/16, 40hapter 14 In Class Work (Extra Credit)

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Compute ending work in process inventory for a manufacturer with the following information. 

Raw materials purchased $124,800Raw materials used in production 74,300Direct labor used 55,000Total factory overhead 95,700Work in process inventory, beginning of year 26,500Cost of goods manufactured 221,800

Worksheet Difficulty: 2 Medium Learning Objective: 14-C4 Explain how balance sheetsand income statements for manufacturing, merchandising,and service companies differ.

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Ending Work in Process Inventory is Computed as:

Direct labor used in production 55,000

Factory overhead used in production 95,700

Raw materials used in production 74,300

Total manufacturing costs 225,000

 Add: Work in process inventory, beginning of year 26,500

Total cost of work in process 251,500

Less: Cost of goods manufactured 221,800

Work in process inventory, end of year  29,700

elizabeth Escobedelizabeth EscobedAccounting 2302 (New): MWF 9 SpringAccounting 2302 (New): MWF 9 Spring20162016

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