Asked by
Tiffany Turnvall
on Dec 16, 2024
Verified
At the beginning of the current year, Grant Company's work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in Work in Process Inventory on December 31 is
A) $24,000
B) $44,000
C) $66,000
D) $36,000
Work in Process Inventory
Work in process (WIP) inventory represents goods that are partially completed in the manufacturing process but not yet finished.
Factory Overhead
All indirect costs associated with the production process, such as utilities, maintenance, and salaried staff, that are not directly tied to specific units of production.
- Ascertain the progression of expenses throughout the production process, taking into account the initial and concluding stock levels.
Verified Answer
BC
Learning Objectives
- Ascertain the progression of expenses throughout the production process, taking into account the initial and concluding stock levels.
Related questions
Given the Following Data What Is the Cost of Goods ...
Equivalent Unit Calculations Are Necessary to Allocate Manufacturing Costs Between ...
Recording Jobs Completed Would Include a Credit to ...
In June, One of the Processing Departments at Furbush Corporation ...
Work in Process Inventory on December 31 of the Current ...