Santos Inc had the following Information for the preceding year BeginningEnding

Question

Santos Inc had the following Information for the preceding year BeginningEnding Inventory Inventory Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $ 41,800 $ 38,300 $36,800$ $ 33,500 $ 7 Additional information for the year is as follows Direct materials used Direct labor Manufacturing overhead applied Cost of goods manufactured Cost of goods sold $204.300 $151,600 $ 169,600 $529,400 $ 548,100 What was the ending Work in Process inventory balance on 12/312 O $53,100 O $16.300 O $55.500 O $32,900

Explanation / Answer

Correct answer is = $32,900 Workings: Direct Material used $2,04,300 Add: Direct Labour $1,51,600 Add: Total Manufacturing overheads applied $1,69,600 Total Manufacturing cost $5,25,500 Add: Work in process inventory 1/1 $36,800 (a) Total cost of work in process $5,62,300 Less: Work in process inventory December12/31 (Bal. Fig.) [(a) - (b)] $32,900 (b) Cost of goods manufactured $5,29,400

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