View the step-by-step solution to:

Question

Need help figuring out Work in process inventory, February 28:


Based on this information:


•Purchased $321,300 of materials.

• Used $276,300 of direct materials in production.

• Incurred $236,000 of direct labor wages.

• Applied factory overhead at a rate of 70% of direct labor cost.

• Transferred $650,400 of work in process to finished goods.

• Sold goods with a cost of $636,200.

• Revenues earned by selling bikes, $1,138,800.

• Incurred $273,600 of selling expenses.

•Incurred $101,800 of administrative expenses.


Income Statement:

Revenues- 1,138,800

Cost of Goods Sold- 636,200

Gross Profit- 502,600

Selling Expenses- 273,600

Administrative Expenses- 101,800

Total Selling and Administrative Expenses- 375,400

Operating Income- 127,200


What will work in process be February 28th? I know material inventory is 45,000 and finished goods inventory is 14,200.

Top Answer

The answer to this question... View the full answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question