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In: Accounting

XYZ Company recorded the following information related to their inventory accounts for 2018: January 1, 2018...

XYZ Company recorded the following information related to their inventory
accounts for 2018:

                 January 1, 2018        December 31, 2018
Direct materials     10,000                   17,000
Work in process      11,000                      ?
Finished goods       16,000                    9,000

Additional information is as follows:

Direct materials purchased .......... $19,000
Direct labor ........................  15,000
Actual manufacturing overhead .......  16,000
Applied manufacturing overhead ......  14,000
Net income ..........................  20,000
S&A expenses ........................  30,000
Sales revenue .......................  90,000

Calculate the work in process inventory balance on December 31.

Solutions

Expert Solution

Note: For calculatio of Work in process ending inventory, Applied manufacturing overhead is used and over or under applied manufacturing overhead is adjusted while calculating finished goods inventory.

ekkarill92 answered 1 year ago
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