Comfort Shoes Manufacturing Company began business on January 1, 2016. During its first year of operation, Comfort Shoes worked on 5 jobs, andreported the following information at year-end:Job #ManufacturingO/H Applied$15,000DirectDirectMaterialsLabour101$45,000$85.00010275,000200,00060,00025,00075,00010340.000130.00010435,000120,00010515,0008,0002,000• Actual manufacturing overheads incurred on Jobs 101 – 105 during the period amounted to $189,000.• Jobs 101 – 104 were completed and transferred out to Finished Goods Inventory.• Jobs 101 & 102 were sold for $250,000 & $390,000 respectively.At year-end, what was the balance in Work in Process Inventory?O a. $450,000O b. $255,000O c. $155,000O d. $25,000

Balance of work in process inventory will be total cost of job work in process. Job 101 - 105…

Comfort Shoes Manufacturing Company began business on January 1, 2016. During its first year of operation, Comfort Shoes worked on 5 jobs, and reported the following information at year-end: Manufacturing O/H Applied $15,000 Job # Direct Direct Materials Labour 101 $45,000 $85,000 102 75,000 200,000 60,000 103 40,000 130,000 25,000 104 35,000 120,000 75,000 105 15,000 8,000 2,000 • Actual manufacturing overheads incurred on Jobs 101 – 105 during the period amounted to $189,000. • Jobs 101 – 104 were completed and transferred out to Finished Goods Inventory. • Jobs 101 & 102 were sold for $250,000 & $390,000 respectively. At year-end, what was the balance in Work in Process Inventory? O a. $450,000 O b. $255,000 O. $155,000 O d. $25.000

Comfort Shoes Manufacturing Company began business on January 1, 2016. During its first year of operation, Comfort Shoes worked on 5 jobs, and reported the following information at year-end: Manufacturing O/H Applied $15,000 Job # Direct Direct Materials Labour 101 $45,000 $85,000 102 75,000 200,000 60,000 103 40,000 130,000 25,000 104 35,000 120,000 75,000 105 15,000 8,000 2,000 • Actual manufacturing overheads incurred on Jobs 101 – 105 during the period amounted to $189,000. • Jobs 101 – 104 were completed and transferred out to Finished Goods Inventory. • Jobs 101 & 102 were sold for $250,000 & $390,000 respectively. At year-end, what was the balance in Work in Process Inventory? O a. $450,000 O b. $255,000 O. $155,000 O d. $25.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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