Solution-How much was added to work in process account

How much was added to work in process account

Assignment Help Managerial Accounting

Reference no: EM133113065

Question - Assume a company's accounting records reflect the following inventories:

	2021	2020
Raw materials in inventory	$430,000	$400,000
Work in process inventory	$1000	$3,000
Finished goods inventory	420,000	510,000

During 2021, $500,000 of raw materials were purchased direct labor incurred was $24,000, and overhead applied was $130,000. There was no indirect materials used during 2021.

Required - How much was added to work in process account during 2021?

Reference no: EM133113065

Questions Cloud

Calculate the present value of cca tax shield : We are considering the purchase of a $560,000 computed based inventory management system. It is in class 10 with a CCA rate of 30 per cent.

What is the quantity of toys that must be sold to break even : Your small toy manufacturing facility has the following information: Revenue per toy $1.19. What is the quantity of toys that must be sold to break even

Apply for a federal student loan to cover the cost : Selena is about to enter her senior year of college when all of a sudden she realizes her school raised the tuition cost, and she's short $6600 in her financial

What is the forward price that goldman should quote : On 8/31/2007, the thirty-year T-bond with a coupon of 5.00%, and maturing on 5/15/2037 was quoted at a clean price of 102.50. The general collateral repo rate f

How much was added to work in process account : During 2021, $500,000 of raw materials were purchased direct labor incurred was $24,000, How much was added to work in process account

Project pay back on a discounted basis : A project costs $900 and has cash flows of $500 at the end of the first year, $600 at the end of the second year and $700 at the end of the third year. If the r

Calculate the effective rent to the owner : A property owner is evaluating the following alternatives for leasing space in his office building for the next five years:

What will the monthly payments be : An "interest only" mortgage is made for $85,000 at 6 percent interest for 10 years. The lender and borrower agree that monthly payments will be constant and wil

Cyber espionage has become common in the last decade : Cyber espionage has become common in the last decade. Can you name at least two cyber-espionage incidents that occurred in 2020-2021?

User Account

All Pages

How much was added to work in process account

Reference no: EM133113065

Reference no: EM133113065

Questions Cloud

Reviews

Write a Review

Managerial Accounting Questions & Answers

Manage budgets and financial plans

Prepare a retained earnings statement

Prepare a master budget for the three-month period

Construct the companys direct labor budget

Evaluate the predetermined overhead rate

Determine the company''s bid

Compute the pool rates for the different activities

Prepare Company financial statements

Prepare an analysis of terracycles

Discuss the ethical issues

Political resources in emerging markets

Management accounting - ehsan electronics company

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT