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Category > Accounting Posted 19 May 2017 My Price 7.00

Work in Process Inventory: Account Analysis

Work in Process Inventory: t Account Analysis

e5A. On July 1, Tin Hau Company’s Work in Process Inventory account showed a beginning balance of $9,000. The Materials Inventory account showed a beginning balance of $40,000. Production activity for July was as follows: (a) Direct materials costing $28,800 were requested for production; (b) total production-related payroll was $10,600, of which $2,600 was used to pay for indirect labor; (c) indirect materials costing $8,400 were purchased and used; and (d) overhead was applied at a rate of 120 percent of direct labor costs.

1. Record Tin Hau’s materials, labor, and overhead costs for July in T accounts.

2. Compute the ending balance in the Work in Process Inventory account. Assume a transfer of $45,000 to the Finished Goods Inventory account during the period.

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Alpha Geek
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Status NEW Posted 19 May 2017 10:05 AM My Price 7.00

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file 1495188040-1770943_1_636306810533491500_1770943.xlsx preview (219 words )
Wo-----------rk -----------in -----------Pro-----------ces-----------s I-----------nve-----------nto-----------ry:----------- t -----------Acc-----------oun-----------t A-----------nal-----------ysi-----------sbe-----------gin-----------nin-----------g b-----------ala-----------nce----------- of----------- $4-----------0,0-----------00.----------- Pr-----------odu-----------cti-----------on -----------act-----------ivi-----------ty -----------for----------- Ju-----------ly -----------was----------- as----------- fo-----------llo-----------ws:----------- (a-----------) D-----------ire-----------ct -----------mat-----------eri-----------als----------- co-----------sti-----------ng -----------$28-----------,80-----------0 w-----------ere----------- re-----------que-----------ste-----------d f-----------or -----------pro-----------duc-----------tio-----------n; -----------(b)----------- to-----------tal----------- pr-----------odu-----------cti-----------on------------rel-----------ate-----------d p-----------ayr-----------oll----------- wa-----------s $-----------10,-----------600-----------, o-----------f w-----------hic-----------h $-----------2,6-----------00 -----------was----------- us-----------ed -----------to -----------pay----------- fo-----------r i-----------ndi-----------rec-----------t l-----------abo-----------r; -----------(c)----------- in-----------dir-----------ect----------- ma-----------ter-----------ial-----------s c-----------ost-----------ing----------- $8-----------,40-----------0 w-----------ere----------- pu-----------rch-----------ase-----------d a-----------nd -----------use-----------d; -----------and----------- (d-----------) o-----------ver-----------hea-----------d w-----------as -----------app-----------lie-----------d a-----------t a----------- ra-----------te -----------of -----------120----------- pe-----------rce-----------nt -----------of -----------dir-----------ect----------- la-----------bor----------- co-----------sts-----------.1.----------- Â----------- Â -----------
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