Test: Final Exam Chapters (16-17, 20-23, 25-26) m Time Limit: 02:00:00 Subm This

Q: Test: Final Exam Chapters (16-17, 20-23, 25-26) m Time Limit: 02:00:00 Subm This

Answer is option (D). $2800 Explanation; As per information of the question, it is clear that only Job 5 is in process that is why balance in work-in-process inventory at year end will be calculated as follow; Direct materials $1600 + Direct labor $800 + Allocated Mfg. overhead $400 Balance in work-in-process inventory $2800 Direct materials $1600 + Direct labor $800 + Allocated Mfg. overhead $400 Balance in work-in-process inventory $2800

ID: 2432325 • Letter: T

Question

Test: Final Exam Chapters (16-17, 20-23, 25-26) m Time Limit: 02:00:00 Subm This Question: 1 pt 19 of 40 (15 complete) This Test: 40 pts p Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following informati year end Direct Materials Direct Labor Allocated Mfg. Overhead Job 1 Job2 Job3 Job 4 Job 5 $1,000 $7,500 $4,000 $3,500 $1,600 12,000 20,000 3,000 12,000 1,500 6,000 2,500 7,500 Sep 1 Sep 12 $39,000 Not completed N/A N/A Job completed Job sold: Revenues Jun 30 Jul 10 Oct 15Nov 1 Not sold N/A Not sold $25,000 What was the balance in Work-in-Process Inventory at year- end? OA. $2,000 OB, $2,400 OC, $1,200 O D. $2,800 our an

Explanation / Answer

Answer is option (D). $2800

Explanation;

As per information of the question, it is clear that only Job 5 is in process that is why balance in work-in-process inventory at year end will be calculated as follow;

Direct materials

$1600

+ Direct labor

$800

+ Allocated Mfg. overhead

$400

Balance in work-in-process inventory

$2800