Find ending balance in work in process

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Reference no: EM1376529

Pickering producing is working on 2-jobs. Expenses are accumulated under a job order cost system, and overhead is applied on basis of direct labor hours. The company estimated that overhead would be $32,000 and 10,000 direct labor hours would be worked. Both projects were started and completed in the current accounting period. The following transactions were completed during the period:

(1) Used $5,000 of direct material on Project I and $3,400 of direct material on Project II.
(2) Labor costs for the two jobs amounted to the following: Project I, $12,000 (2,000 hours); Project II, $22,000 (6,000 hours).
(3) Project II was sold during the period for $60,000.

The ending balance in Work in Process was

A) $0.
B) $17,000.
C) $55,400.
D) $151,200.

Reference no: EM1376529

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