1.) Trim Force Corp. had the following information in their accounting records:
ID: 2447166 • Letter: 1
Question
1.) Trim Force Corp. had the following information in their accounting records:
Work in process inventory, beginning balance
$50,000
Cost of direct materials used
$350,000
Direct labor cost applied to production
$200,000
Cost of finished goods manufactured
$750,000
Manufacturing overhead during production was $250,000. What was the work in process inventory on hand at the end of the year?
Work in process inventory, beginning balance
$50,000
Cost of direct materials used
$350,000
Direct labor cost applied to production
$200,000
Cost of finished goods manufactured
$750,000
Explanation / Answer
work in progress inventory at the end of the year=opening inventory+manufacturing cost-cost of goods manufactured
=$50,000+$250,000+$350,000+$200,000-$750,000=$100,000
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