Question
the following financial information about the manufacturing plant of continental company for the year-to-date and the month of july appears on the company's records Materials
the following financial information about the manufacturing plant of continental company for the year-to-date and the month of july appears on the company's records
Materials inventory, june 30 $ 59,000
WIP Inventory, june 30 $ 87,700
FG inv, june 30 $36,200
CGS through june 30 $353900
Accounts payable (Materials Suppliers), june 30 $22,100
Manufacturing overhead through june 30 $187,800
Payroll payable, june 30 -0-
withholding and other liabilities, june 30 $11,600
overhead applied through june 30 $176,900
A count of the information of the inventories on hand July 31 shows the following:
Materials Inventory $41,700
WIP inventory $ ?
Finished Goods Inventory $ 39,200
Interviews with various plant and administrative employees August 1 reveal some additional information:
The company currently owes material suppliers $51,800.
The company paid suppliers $38,000 cash during July.
Plant payroll during July totaled $81,700, of which $15,500 was for indirect labor.
Manufacturing overhead incurred through July was $219,900.
Cost of goods sold through July 31 was $401,000.
Indirect Materials cost during July was $2,100.
Overhead during July was underapplied by $1,300.
Determine the balance of the WIP inventory on July 31.
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