Question
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts.
| Direct Materials Inventory | |||
| Beg. Bal. | 9,000 | ? | Transferred Out |
| Purchases | ? | ||
| End. Bal. | 7,400 | ||
| Cost of Goods Sold | |||
| 67,000 | |||
| Work-in-Process Inventory | |||
| Beg. Bal. | 8,500 | ? | Transferred Out |
| Materials | 20,000 | ||
| Labor | 14,500 | ||
| Overhead | 9,000 | ||
| End. Bal. | ? | ||
| Finished Goods Inventory | |||
| Beg. Bal. | ? | ? | Transferred Out |
| Transferred in | 40,500 | ||
| End. Bal. | 5,200 | ||
What is the value of the ending Work-in-Process inventory balance?
Multiple Choice
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$5,200.
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$9,000.
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$11,500.
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$0.
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Fundamental Financial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds
9th edition
9781259296802, 9781259296758, 78025907, 1259296806, 9781259296765, 978-0078025907
