The other questions are not clear so I posted this one.
M2 2:24 PM 12. What is the ending balance in Finished Goods? Answer is not complete. Finished Goods 1,506,000 Beg. bal. 1,471,900 On) End. bal. 34,100 Foundational 3-7 (Algo) 7. What is the ending balance in Work in Process? Answer is not complete. Beg. bal. (9) (h) Work in Process 44,100 1,461,900 1,471,900 End, bal 34,100 6. What is the journal entry to record the transfer of completed that is referred to move transaction/event, select "No journal entry required in the first account field) 5. What is the total manufacturing cost added to Work in Process during the year? Chech were as follows: Raw materials Work in process Finished goods $ 84,500 $ 35,000 $ 44,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $12.50 per direct labor-hour was based on a cost formula that estimated $500,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $614,000. b. Raw materials used in production, $567,600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $450,000; indirect labor, $150,000; selling and administrative salaries, $290,000. d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing), $375,000. e. Incurred various manufacturing overhead costs (eg, depreciation, insurance, and utilities). $350,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,461,900 to manufacture according to their job cost sheets were completed during the year h. Jobs were sold on account to customers during the year for a total of $3,172,500. The jobs cost $1,471,900 to manufacture according to their job cost sheets M2 2:24 PM 12. What is the ending balance in Finished Goods? Answer is not complete. Finished Goods 1,506,000 Beg. bal. 1,471,900 On) End. bal. 34,100 Foundational 3-7 (Algo) 7. What is the ending balance in Work in Process? Answer is not complete. Beg. bal. (9) (h) Work in Process 44,100 1,461,900 1,471,900 End, bal 34,100 6. What is the journal entry to record the transfer of completed that is referred to move transaction/event, select "No journal entry required in the first account field) 5. What is the total manufacturing cost added to Work in Process during the year? Chech were as follows: Raw materials Work in process Finished goods $ 84,500 $ 35,000 $ 44,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $12.50 per direct labor-hour was based on a cost formula that estimated $500,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $614,000. b. Raw materials used in production, $567,600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $450,000; indirect labor, $150,000; selling and administrative salaries, $290,000. d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing), $375,000. e. Incurred various manufacturing overhead costs (eg, depreciation, insurance, and utilities). $350,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,461,900 to manufacture according to their job cost sheets were completed during the year h. Jobs were sold on account to customers during the year for a total of $3,172,500. The jobs cost $1,471,900 to manufacture according to their job cost sheets
