The Machining Department started the current month with a beginning goods in pro

Question

The Machining Department started the current month with a beginning goods in process inventory of $10,400. During the month, it was assigned the following costs: direct materials, $76,400; direct labor, $24,400; and factory overhead, 80% of direct labor cost. Also, inventory with a cost of $111,000 was transferred out of the department to the next phase in the process. The ending balance of the Goods in Process Inventory account for the Machining Department is: $207,256. $68,120. $96,256. $111,200. $19,720.

Explanation / Answer

Solution:

Transferred In Transferred out Beginning Inventory 10,400 Transferred out 111,000 During the process Ending onventory - Balancing Figure 19,720 Direct Material 76,400 Direct Labor 24,400 Factory overhead 19520 Total 130,720 130,720 The answer to the above question is $ 19,720

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