On June 1, Wake Industries\' work in process inventory had a balance of $21,500

Question

On June 1, Wake Industries' work in process inventory had a balance of $21,500 and included only one job (Job 215), During June, $58,700 of direct materials were requisitioned and used for Job 215 and $31,000 of direct labor costs were incurred for Job 215. Manufacturing overhead costs are allocated at a rate of 110% of direct labor costs. Wake did not start any new jobs during June, and completed Job 215 on June 28.What is the total cost of producing Job 215? $150,100 $145,300 $123,800 $114,300 None of the above

Explanation / Answer

Beginning WIP $    21,500 Direct materials $    58,700 Direct labor $    31,000 Manufacturing overhead $    34,100 Total cost of job $ 145,300

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