Reference no: EM133071830
Question - Lind Manufacturing had the following account balances as of Jan 1. Direct Materials Inv 8,700, work in progress 76,500, finished good 53,000 and manufacturing overhead 0. During the month of Jan, all of the following occurred: direct labor were $40,000 for 1,800 hours worked. Direct material $28, 000 indirect materials $3,800. Sales commission $16, 000. Direct materials $22, 00 used in production. Miscellaneous costs $6,300. Factory supervisors salaries $10, 720. Other indirect labor costs $3,000. Monthly depreciation on factory equipment $4,500. Utilities $7, 028. Completed units with manufacturing costs $69,000. Monthly insurance $4,200. Monthly property taxes $5,000 were incurred and paid. Units with manufacturing costs of $92,366 were solf for $167, 938.
Required -
If Lind assigns manufacturing overhead of $34, 400 what will be the balances in the direct materials, work in process, and finished goods inventory at the end of January?
As of Jan 31, what will be the balance in the manufacturing overhead account?
What was Lind's operating income for January?
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