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Worley Company has overapplied overhead of $40,000 for the year. Before disposition of the overapplied overhead, selected year-end balances from Worleys accounting records were Sales
Worley Company has overapplied overhead of $40,000 for the year. Before disposition of the overapplied overhead, selected year-end balances from Worleys accounting records were
Sales $1,200,000
Cost of goods sold 730,400
Direct materials inventory 36,000
Work-in-process inventory 61,600
Finished goods inventory 88,000
Under Worleys cost accounting system, over- or underapplied overhead is assigned to appropriate inventories and COGS based on year-end balances. In its year-end balance sheet, Worley should report Work-in-process inventory of
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