At the beginning of the year, Barrington Manufacturing had the following account balances
Work-in-Process Inventory
2,000
Finished Goods Inventory
8,000
Manufacturing Overhead
0
Cost of Goods Sold
0
Sales Revenue
0
The following additional details are provided for the year:
Direct materials placed in production $80,000
Direct labor incurred 190,000
Manufacturing overhead incurred 300,000
Manufacturing overhead allocated to production 295,000
Cost of jobs completed 500,000
Record these transactions in the T-accounts and calculate the ending balances for Work-in-Process Inventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).
What will be an ideal response
Work-in-Process Inventory:
Beginning balance $2,000
Add:
Direct materials placed in production 80,000
Direct labor incurred 190,000
Manufacturing overhead allocated to production 295,000
Less:
Cost of jobs completed (500,000 )
Ending balance in Work-in-Process Inventory $67,000
Finished Goods Inventory:
Beginning balance $8,000
Add: Finished goods transferred from Work-in-Process Inventory 500,000
Ending balance $508,000
Manufacturing Overhead:
Manufacturing overhead incurred $300,000
Less: Manufacturing overhead allocated to production (295,000 )
Ending balance $5,000
Work-in-Process Inventory
2,000
80,000
190,000
295,000 500,000
67,000
Finished Goods Inventory
8,000
500,000
508,000
Manufacturing Overhead
0
300,000 295,000
5,000
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