What is the ending balance of goods in process inventory

Assignment Help Accounting Basics
Reference no: EM13134879

The production department started the month with the beginning goods in process inventory of $350,000. During the month, it was assigned the following costs: direct materials, $192,000; direct labor, $90,000; overhead applied at the rate of 30% of direct labor cost. Inventory with the cost of $325,000 was transferred to finished goods. What is the ending balance of goods in process inventory?

Reference no: EM13134879

Questions Cloud

Uses of straight-line depreciation : Carleton Service Center just purchased an automobile hoist for $15,000.The hoist has a 5-year life and an estimated salvage value of $1,080. Installation costs were $2,900, and freight charges were $820. Carleton uses straight-line depreciation.
Describe several ways the cfo organization : The difference between the actual value and the projected value is called data dispersion. Please describe several ways the CFO organization can use to mitigate the data dispersion risks.
Find probability that drivers were wearing their seat belts : A random sample of 700 drivers has been taken. What is the probability that between 538 and 546 of the drivers were wearing their seat belts?
Description of mathematics-coordinate geometry : Show that the points A(4, 1), B(2, -3), C(0, 3) cannot form an equilateral triangle. Draw the graph of the straight line 3x ?4y = 12. Find the equation of a line parallel to the x- axis and passing through the point (5, 7).
What is the ending balance of goods in process inventory : The production department started the month with the beginning goods in process inventory of $350,000. During the month, it was assigned the following costs: direct materials, $192,000; direct labor, $90,000; overhead applied at the rate of 30% of..
Compute for the net income the partnership : During 2011maria made a direct withdrawal from her capital account amounting to 2600000and invested cash of 500000. Compute for the net income the partnership for 2011
Deduction on her individual tax return : Dawn Adams owns 60 percent of a calendar-year S corporation during 2008. Her stock basis on December 31, 2008, is $17,000, and her debt basis is $2,000. If the S corporation incurs a $48,000 loss for 2009, what amount may Ms. Adams deduct on her i..
What is the budgeted dollar amount of merchandise purchases : What is the budgeted dollar amount of merchandise purchases for November?
Prescribe specific auditing procedures to detect fraud : Prescribe specific auditing procedures to detect fraud concerning inventories and accounts receivable of companies engaged in interstate commerce.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Problem related to income tax expense

During 2010, Ace Company had sales of $376,000, operating expenses of $66,000, gross margin of 30%, cash dividends $30,000, other expenses/losses $15,000 and corporation income taxes of 30%. What was the income tax expense for 2010?

  Analyze how involuntary conversions differ from condemnation

Under the authority of the IRS, real property can be seized for nonpayment of taxes. In addition, the local government could confiscate personal property for public use. Analyze how involuntary conversions differ from condemnations and how to dete..

  Accounts paayable confirmations

Discuss situations in wihc the auditor should use accounts paayable confirmations and discuss wheter the auditor is required to use them.

  Value of the growing perpetuity

The product promises an initial payment of $20,000 at the end of this year and subsequent payments that will thereafter grow at a rate of 3.4 percent annually. If you use a 9 percent discount rate for investment products, what is the present value..

  Gift tax liability under the assumption

What is her 2010 gift tax liability under the assumption that she made the $200,000 of taxable gifts in 1974 instead of 1997?

  Required total production-cost of purchases

Compute the company's total required production in units of finished product for the entire three month period ending September 30. (Do not round intermediate calculations. Round your final answer to the nearest unit.)

  Certificates of deposit

Conduct an internet search for information on certificates of deposit. Discuss your findings in terms of what CDs are available and their rates. Calculate how much you would stand to make if you invested $1,000

  Accounting principle problem

Genesis Corporation is now in its 30th year of business. The founder of company is planning to retire at the end of year and turn the business over to his daughter.

  Legal debt margin for southside city

The State limits the amount of general obligation debt that can be issued by a City to 20% of the assessed value of its taxable property. The assessed value of property in Southside City is $500 million. The legal debt margin for Southside City is

  What is the consolidated net income for 2013

Slaughter earned $220,000 in net income in 2013 (not including any investment income) while Bennett reported $90,000. Slaughter attributed any excess acquisition-date fair value to Bennett's unpatented technology, which was amortized at a rate of ..

  What is their recognized gain

They made major capital improvements through their 10-year ownership, which totaled $50,000. What is their recognized gain

  Calculating loan rates

Consider the solving of applied interest problems that you read about this week. Now, apply your knowledge of these models to a practical problem.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd