Compute ending balance in work in process inventory account

Assignment Help Financial Accounting

Reference no: EM131197330

Work in Process Inventory: T Account Analysis

On July 1, Tin Hau Company's Work in Process Inventory account showed a beginning balance of $9,000. The Materials Inventory account showed a beginning balance of $40,000. Production activity for July was as follows:

(a) Direct materials costing $28,800 were requested for production;

(b) total production-related payroll was $10,600, of which $2,600 was used to pay for indirect labor;

(d) overhead was applied at a rate of 120 percent of direct labor costs.

1. Record Tin Hau's materials, labor, and overhead costs for July in T accounts.

2. Compute the ending balance in the Work in Process Inventory account. Assume a transfer of $45,000 to the Finished Goods Inventory account during the period.

Reference no: EM131197330

Questions Cloud

Barrier potential of silicon diode : Assuming a barrier potential of 0.7V at an ambient temperature 0f 25 degrees Celsius, what is the barrier potential of silicon diode when the junction temperature is 100 degrees Celsius? At 0 degrees Celsius?

Calculate the magnitude of the centripetal acceleration : An object is moving in uniform circular motion, with a period of 3.3-s and a radius 1.7-m. Calculate the magnitude of the centripetal acceleration of this object.

Find applications of lean thinking and systems : Search the articles database or the internet to find applications of lean thinking and systems - For example you can type Lean Systems Healthcare for examples of applications of Lean Systems to healthcare.

How many brownie and cookies were sold at the bake sale : At a bake sale, brownies were sold for .75 cents each and cookies were sold for .50 cents each. There were 10 more cookies sold than brownies, and the total amount earned was $40. How many brownie and cookies were sold at the bake sale?

Compute ending balance in work in process inventory account : Record Tin Hau's materials, labor, and overhead costs for July in T accounts.- Compute the ending balance in the Work in Process Inventory account.

How is a deposition different from expert testimony : How is a deposition different from expert testimony? What are the top 5 things you should do during a deposition? What are the top 5 things you should not do during a deposition?

Evaluate the ethical dilemma under two ethical frameworks : Research a company that has been in the news due to ethical problems. Evaluate the ethical dilemma under two ethical frameworks. Analyze what part whistleblowers played in the exposure to the company.

Determine m and ss revenue recognition policies : Determine M&S's revenue recognition policies.- Give two examples of where historical cost infonnation is reported in M&S's financial statements and related notes.

Provide a brief summary of the case you researched : From the e-Activity, provide a brief summary of the case you researched, and determine the key procedures that would be used to investigate the related crime.

User Account

All Pages