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.
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.