On June 30, New Haven Company\'s Work in Process Inventory account showed a begi

Question

On June 30, New Haven Company's Work in Process Inventory account showed a beginning balance of $29,400. The Materials Inventory account showed a beginning balance of $240,000. Production activity for July was as follows: a) Direct materials costing $238,820 were requested for production; b) total manufacturing payroll was $140,690, of which $52,490 was used to pay for indirect labor; c) indirect materials costing $28,400 were purchased and used; and d) overhead was applied at a rate of 150 percent of direct labor costs.

-Record New Haven's materials, labor, and overhead costs for July in T accounts.

-Compute the ending balance in the Work in Process Inventory account. Assume a transfer of $461,400 to the Finished Goods Inventory account during the period.
$

Materials Inventory Beg. Bal. Selecta.b.d.Item 2 Selecta.b.c.d.(a, b, c, d)Item 4 Selectb.c.d.Item 6

Explanation / Answer

Raw material, only 2 information was provided Beg = 240,000 Used for production = 238,820 Can;t complete WIP however is complete Beg = 29,4000 Production = DM = 238,820; DL = 140690-52,490; OH = DL * 1.5 = 459,320 COGM = 461,400 End bal = 27,320 OH Applied = DL * 1.5 = 132,300 Indirect labour = 52,490 INdirect material = 28,400

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