4 The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 $ 55,500 Work-in-process inventory, June 30 86,300 Finished goods inventory, June 30 36,800 Cost of goods sold through June 30 356,900 02:16:19 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 22,700 190,800 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 12,200 179,900 eBook A count of the inventories on hand July 31 shows the following: Materials inventory $ 42,300 Work-in-process inventory Finished goods inventory 39,800 Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $52,400. • The company paid suppliers $38,600 cash during July. • Plant payroll during July totaled $82,300, of which $16,100 was for indirect labor. . Manufacturing overhead incurred through July was $222,900. • Cost of goods sold through July 31 was $404,600. • Indirect materials cost during July was $2,700. • Overhead during July was underapplied by $1,900. Required: Determine the balance of the Work-in-Process Inventory on July 31. Ending balance of work-in-process inventory on July 31
4 The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 $ 55,500 Work-in-process inventory, June 30 86,300 Finished goods inventory, June 30 36,800 Cost of goods sold through June 30 356,900 02:16:19 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 22,700 190,800 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 12,200 179,900 eBook A count of the inventories on hand July 31 shows the following: Materials inventory $ 42,300 Work-in-process inventory Finished goods inventory 39,800 Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $52,400. • The company paid suppliers $38,600 cash during July. • Plant payroll during July totaled $82,300, of which $16,100 was for indirect labor. . Manufacturing overhead incurred through July was $222,900. • Cost of goods sold through July 31 was $404,600. • Indirect materials cost during July was $2,700. • Overhead during July was underapplied by $1,900. Required: Determine the balance of the Work-in-Process Inventory on July 31. Ending balance of work-in-process inventory on July 31
Chapter1: Financial Statements And Business Decisions
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The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July
appears on the company's records:
Materials inventory, June 30
$ 55,500
Work-in-process inventory, June 30
86,300
Finished goods inventory, June 30
36,800
Cost of goods sold through June 30
356,900
02:16:19
Accounts payable (materials suppliers), June 30
Manufacturing overhead through June 30
22,700
190,800
Payroll payable, June 30
Withholding and other payroll liabilities, June 30
Overhead applied through June 30
12,200
179,900
eBook
A count of the inventories on hand July 31 shows the following:
Materials inventory
$ 42,300
Work-in-process inventory
Finished goods inventory
39,800
Interviews with various plant administrative employees August 1 reveal some additional information:
• The company currently owes materials suppliers $52,400.
• The company paid suppliers $38,600 cash during July.
• Plant payroll during July totaled $82,300, of which $16,100 was for indirect labor.
.
Manufacturing overhead incurred through July was $222,900.
• Cost of goods sold through July 31 was $404,600.
• Indirect materials cost during July was $2,700.
• Overhead during July was underapplied by $1,900.
Required:
Determine the balance of the Work-in-Process Inventory on July 31.
Ending balance of work-in-process inventory on July 31
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