Question
On January 31, a snowstorm damaged the office of a small business, and some of the accounting information stored in the computer's memory was lost.
On January 31, a snowstorm damaged the office of a small business, and some of the accounting information stored in the computer's memory was lost. The following information pertaining to January activities was retrieved from other sources:
Direct materials purchased $18,000
Work in processbeginning inventory 2,000
Direct materialsbeginning inventory 6,000
Direct materialsending inventory 10,000
Finished goodsbeginning inventory 12,000
Finished goodsending inventory 2,500
Sales 60,000
Manufacturing overhead and direct labour incurred 22,000
Gross profit percentage based on net sales 40%
What amount of work in process inventory was transferred out to finished goods during January?
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