The accounts of Melissa Manufacturing showed the following balances at the beginning of December
Account Debit
Raw Materials Inventory $55,000
Work-in-Process Inventory 81,000
Finished Goods Inventory 38,000
Manufacturing Overhead 17,000
The following transactions took place during the month:
December 2: Issued direct materials $37,000 and indirect materials $4,000 to production.
December 15: Incurred $6,000 and $5,000 toward factory's direct labor cost and indirect labor cost, respectively.
What should be the balance in the Work-in-Process Inventory following these transactions?
A) $124,000
B) $87,000
C) $75,000
D) $86,000
A .A)
Beginning balance in WIP $81,000
Add: Direct materials transferred 37,000
Direct factory labor cost 6,000
Ending balance $124,000
You might also like to view...
The difference between a stock's closing price today and its closing price yesterday is listed in financial pages as the "net change."
Indicate whether the statement is true or false.
In a _______________________ product category, the brand extension guarantees are particularly important.
a. Low involvement b. High involvement c. No involvement d. Hedonic
ConnectWeb, Inc, an Internet service provider (ISP), supplies information to the Federal Trade Commission concerning possible unfair or deceptive conduct in foreign jurisdictions. For this disclosure, federal law gives ConnectWeb and other ISPs immunity from liability. This is
a. goodwill. b. fair use. c. a safe harbor. d. a license.
What legislation did Congress pass in 1932, that prohibited federal court injunctions in nonviolent labor disputes, thereby declaring that workers should be permitted to organize unions and use their collective power to achieve legitimate economic ends?
A) The Wagner Act B) The Norris-LaGuardia Act C) The National Labor Relations Act D) The Labor-Management Relations Act