The Ryde and Rowe Inc had the following account balances as of January 1 Direct Materials Inventory $ 89,200 Work in Process Inventory $ 178400 Finished Goods Inventory $ 253,000 Manufacturing Overhead 0 During the month of January, all of the following occurred 1 Direct labor costs were $442,000 for 18,000 hours worked 2 Direct materials costing $335,750 and indirect materials costing $13,500 were purchased 3 Sales commissions of $216,500 were earned by the sales force 4 $326,000 worth of direct materials were used in production 5 Advertising costs of $36,300 were incurred 6 Factory supervisors earned salaries of $22,000 7 Indirect labor costs for the month were $23,000 8 Monthly depreciation on factory equipment was $24,500 9 Utilities expense of $17,800 was incurred in the factory 10 Equipment with manufacturing costs of $970,100 were transferred to finished goods 11 Monthly insurance costs for the factory were $4,200 12 $5,000 in property taxes on the factory were incurred and paid 13 Equipment with manufacturing costs of $1,089,000 were sold for $1,550,000 Instructions Assume If Ryde and Rowe assigns manufacturing overhead of $84,400, what will be the balances in the Direct Materials, Work in Process, and Finished Goods Inventory accounts at the end of January

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Posted on Sep 14, 2024

The Ryde and Rowe Inc. had the following account balances as of January 1:

During the month of January, all of the following occurred:

1.	Direct labor costs were $442,000 for 18,000 hours worked.
2.	Direct materials costing $335,750 and indirect materials costing $13,500 were purchased.
3.	Sales commissions of $216,500 were earned by the sales force.
4.	$326,000 worth of direct materials were used in production.
5.	Advertising costs of $36,300 were incurred.
6.	Factory supervisors earned salaries of $22,000.
7.	Indirect labor costs for the month were $23,000.
8.	Monthly depreciation on factory equipment was $24,500.
9.	Utilities expense of $17,800 was incurred in the factory.
10.	Equipment with manufacturing costs of $970,100 were transferred to finished goods.
11.	Monthly insurance costs for the factory were $4,200.
	12. $5,000 in property taxes on the factory were incurred and paid. .13. Equipment with manufacturing costs of $1,089,000 were sold for $1,550,000 Instructions. Assume If Ryde and Rowe assigns manufacturing overhead of $84,400, what will be the balances in the Direct Materials, Work in Process, and Finished Goods Inventory accounts at the end of January?