Reference no: EM132875406
Question - Presented below is data from partially completed ledger accounts and additional information for the Cumchan manufacturing company for the year 2015. Account balances at 01/01/20
Raw Materials: 20,000
Work-in-process: 15,000
Finished Goods: 10,000
Manufactoring Overhead: 0
Additional information:
1) Direct manufacturing labour wage rate was $10.00 per hour
2) Manufacturing overhead is allocated at $5 per direct manufacturing labour hour
3) During the year, sales revenues were $600,000 and marketing and distribution expenses were $50,000
4) Direct labour for year $180,000
5) Total credit entries to Raw Materials account during year $200,000
6) Total debit entries to the finished goods account during $400,000
7) Total debit entries to Manufacturing overhead during the year $80,000
8) Ending finished goods was $15,000
9) Administrative expenses were $40,000
Required - What was the balance in work-in process inventory on December 31, 2020?