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The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: $ 44,300 ? 41,800 Materials inventory Work-in-process inventory Finished goods inventory Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $54,400. • The company paid suppliers $40,600 cash during July. Plant payroll during July totaled $84,300, of which $18,100 was for indirect labor. Manufacturing overhead incurred through July was $232,900. • Cost of goods sold through July 31 was $416,600. Indirect materials cost during July was $4,700. • Overhead during July was underapplied by $3,900. Required: Determine the balance of the Work-in-Process Inventory on July 31. $ 60,500 88,300 38,800 366,900 24,700 200,800 Ending balance of work-in-process inventory on July 31 0 14, 200 189,900

The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: $ 44,300 ? 41,800 Materials inventory Work-in-process inventory Finished goods inventory Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $54,400. • The company paid suppliers $40,600 cash during July. Plant payroll during July totaled $84,300, of which $18,100 was for indirect labor. Manufacturing overhead incurred through July was $232,900. • Cost of goods sold through July 31 was $416,600. Indirect materials cost during July was $4,700. • Overhead during July was underapplied by $3,900. Required: Determine the balance of the Work-in-Process Inventory on July 31. $ 60,500 88,300 38,800 366,900 24,700 200,800 Ending balance of work-in-process inventory on July 31 0 14, 200 189,900

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 12PB: The following data summarize the operations during the year. Prepare a journal entry for each...
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The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: Materials inventory Work-in-process inventory Finished goods inventory $ 44,300 ? 41,800 • Manufacturing overhead incurred through July was $232,900. • Cost of goods sold through July 31 was $416,600. Interviews with various plant administrative employees August 1 reveal some additional information: The company currently owes materials suppliers $54,400. The company paid suppliers $40,600 cash during July. • Plant payroll during July totaled $84,300, of which $18,100 was for indirect labor. • Indirect materials cost during July was $4,700. Overhead during July was underapplied by $3,900. Required: Determine the balance of the Work-in-Process Inventory on July 31. $ 60,500 88,300 38,800 366,900 24,700 200,800 Ending balance of work-in-process inventory on July 31 0 14,200 189,900
Transcribed Image Text:The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: Materials inventory Work-in-process inventory Finished goods inventory $ 44,300 ? 41,800 • Manufacturing overhead incurred through July was $232,900. • Cost of goods sold through July 31 was $416,600. Interviews with various plant administrative employees August 1 reveal some additional information: The company currently owes materials suppliers $54,400. The company paid suppliers $40,600 cash during July. • Plant payroll during July totaled $84,300, of which $18,100 was for indirect labor. • Indirect materials cost during July was $4,700. Overhead during July was underapplied by $3,900. Required: Determine the balance of the Work-in-Process Inventory on July 31. $ 60,500 88,300 38,800 366,900 24,700 200,800 Ending balance of work-in-process inventory on July 31 0 14,200 189,900
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