The Ryde and Rowe Inc. had the following account balances as of January 1: Direc

Question

The Ryde and Rowe Inc. had the following account balances as of January 1: Direct Materials Inventory $ 8,700 Work in Process Inventory 76,500 Finished Goods Inventory 53,000 Manufacturing Overhead 0 During the month of January, all of the following occurred: 1. Direct labor costs were $44,000 for 1,800 hours worked. 2. Direct materials costing $28,000 and indirect materials costing $4,900 were purchased. 3. Sales commissions of $18,000 were earned by the sales force. 4. $24,000 worth of direct materials were used in production. 5. Advertising costs of $6,300 were incurred. 6. Factory supervisors earned salaries of $12,037. 7. Indirect labor costs for the month were $3,000. 8. Monthly depreciation on factory equipment was $4,500. 9. Utilities expense of $5,249 was incurred in the factory. 10. Equipment with manufacturing costs of $69,000 were transferred to finished goods. 11. Monthly insurance costs for the factory were $4,200. 12. $5,000 in property taxes on the factory were incurred and paid. 13. Equipment with manufacturing costs of $90,558 were sold for $164,650. Instructions a. Assume If Ryde and Rowe assigns manufacturing overhead of $34,400, what will be the balances in the Direct Materials, Work in Process, and Finished Goods Inventory accounts at the end of January?

what is 1) work in process inventory? 2) manufactoring overhead? 3) operating income? Could you tell me the answer on these 3 questions

Explanation / Answer

Work in process

Manufactruing overhead

Operating income

Work in process inventory Jan 1 $76,500 Add:Direct labor costs used 44,000        Raw materials used 24,000       Manufactuirng overhead assigned 34,400 less:transferred to finished goods (69,000) Work in process inventory ,Jan 31 $109,900

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