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E5A. T accounts On July 1, Tin Hau Company's Work in Process Inventory account showed beginning balance of $9,000. The Materials Inventory account showed a
E5A. T accounts
On July 1, Tin Hau Company's Work in Process Inventory account showed beginning balance of $9,000. The Materials Inventory account showed a beginning balance of $40,000. Production activity for July was as follows: Direct materials costing $28,800 were requested for production; total production-related payroll was $10,600, of which $2,600 was used to pay for indirect labor; indirect materials costing $8,400 were purchased and used; and overhead was applied at a rate of 120 percent of direct labor costs. Record Tin Hau's materials, labor, and overhead costs for July in T accounts. 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 Step by Step Solution
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