XYZ Company recorded the following information related to their inventory accoun

Question

 XYZ Company recorded the following information related to their inventory accounts for January:                     January 1, 2013        January 31, 2013    Direct materials     10,000                   17,000   Work in process      11,000                      ?   Finished goods       16,000                    9,000  Additional information is as follows:
  Direct materials purchased .......... $19,000   Direct labor ........................  15,000   Applied overhead ....................  16,000   Net income ..........................  30,000   S&A expenses ........................  20,000   Sales revenue .......................  90,000  Assume there was no overhead variance (i.e., actual overhead = applied overhead). 

 Calculate the work in process inventory balance on January 31 

Explanation / Answer

let work in process revenue = x

=> (11000-x) + (29000-17000) +(15000) +(16,000) = 90,000 - 20,000-30,000

=> x= 14,000

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