Assume If Bags and Luggage assigns manufacturing overhead of $34,400, what will

Question

Assume If Bags and Luggage assigns manufacturing overhead of $34,400, what will be the balances in the Direct Materials, Work in Process, and Finished Goods Inventory accounts at the end of January?(Input all amounts as positive values. Omit the "$" sign in your response.)

As of January 31, what will be the balance in the Manufacturing Overhead account? (Input all amounts as positive values. Omit the "$" sign in your response.)

What was Bags and Luggage's operating income for January? (Input all amounts as positive values.Omit the "$" sign in your response.)

Explanation / Answer

Work in process inventory $109,900
Finished goods inventory $32,799

Work in process inventory, Jan. 1 $76,500
Direct material used 24,000
Direct labor used 44,000
Manufacturing overhead assigned 34,400
Less: Finished goods transferred out (69,000)
Work in process inventory, Jan. 31 $109,900

Finished goods inventory, Jan. 1 $53,000
Cost of finished goods transferred in 69,000
Less: Cost of goods sold (89,201)
Finished goods inventory, Jan. 31 $32,799

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