The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company:Work in process inventory$0Raw materials inventory$28,800Finished goods inventory$40,200Additional data:1. Actual manufacturing overhead for January amounted to $66,100.2. Total direct labor cost for January was $64,000.3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $248,000 of direct labor cost and $322,400 of manufacturing overhead costs.4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5600 (1600 direct labor hours) and total direct material charges were $14,400.5. Cost of direct materials placed in production during January totaled $124,000. There were no indirect material requisitions during January.6. January 31 balance in raw materials inventory was $35,400.7. Finished goods inventory balance on January 31 was $35,200.What is the work in process inventory balance on January 31? $27,280 $7280 $98,031 $69,231

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Description: The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company:Work in process inventory$0Raw materials inventory$28,800Finished goods inventory$40,200Additional data:1. Actual ma

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Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 4E: The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the...

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The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company:

Work in process inventory $0

Raw materials inventory $28,800

Finished goods inventory $40,200

Additional data:
1. Actual manufacturing overhead for January amounted to $66,100.
2. Total direct labor cost for January was $64,000.
3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $248,000 of direct labor cost and $322,400 of manufacturing overhead costs.
4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5600 (1600 direct labor hours) and total direct material charges were $14,400.
5. Cost of direct materials placed in production during January totaled $124,000. There were no indirect material requisitions during January.
6. January 31 balance in raw materials inventory was $35,400.
7. Finished goods inventory balance on January 31 was $35,200.

What is the work in process inventory balance on January 31?

$27,280

$7280

$98,031

$69,231

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