Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On July 1, Tin Hau Companys Work in Process Inventory account showed a beginning balance of $9,000. The Materials Inventory account showed a beginning balance
On July 1, Tin Hau Companys 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.
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 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. Materials Inventory Beg. Bal 40,000a 28800 Select 8,400 Work in Process Inventory Beg. Bal 9,000 28800 Select Select Overhead b. 26001 select 8,400 Payroll Payable b. 10,600 Accounts Payable Select . 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 periodStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started