The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: $ 42,500 ? 40,000 Materials inventory Work-in-process inventory Finished goods inventory Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $52,600. . The company paid suppliers $38,800 cash during July. • Plant payroll during July totaled $82,500, of which $16,300 was for indirect labor. • Manufacturing overhead incurred through July was $223,900. . Cost of goods sold through July 31 was $405,800. • Indirect materials cost during July was $2,900. • Overhead during July was underapplied by $2,100. Required: Determine the balance of the Work-in-Process Inventory on July 31. $ 56,000 86,500 37,000 357,900 22,900 191,800 Ending balance of work-in-process inventory on July 31 0 12,400 180,900
The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: $ 42,500 ? 40,000 Materials inventory Work-in-process inventory Finished goods inventory Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $52,600. . The company paid suppliers $38,800 cash during July. • Plant payroll during July totaled $82,500, of which $16,300 was for indirect labor. • Manufacturing overhead incurred through July was $223,900. . Cost of goods sold through July 31 was $405,800. • Indirect materials cost during July was $2,900. • Overhead during July was underapplied by $2,100. Required: Determine the balance of the Work-in-Process Inventory on July 31. $ 56,000 86,500 37,000 357,900 22,900 191,800 Ending balance of work-in-process inventory on July 31 0 12,400 180,900
Chapter6: Analysing And Journalizing Payroll
Section: Chapter Questions
Problem 16PB: In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed,...
Related questions
Question
Transcribed Image Text:The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July
appears on the company's records:
Materials inventory, June 30
Work-in-process inventory, June 30
Finished goods inventory, June 30
Cost of goods sold through June 30
Accounts payable (materials suppliers), June 30
Manufacturing overhead through June 30
Payroll payable, June 30
Withholding and other payroll liabilities, June 30
Overhead applied through June 30
A count of the inventories on hand July 31 shows the following:
$ 42,500
?
40,000
Materials inventory
Work-in-process inventory
Finished goods inventory
Interviews with various plant administrative employees August 1 reveal some additional information:
• The company currently owes materials suppliers $52,600.
• The company paid suppliers $38,800 cash during July.
• Plant payroll during July totaled $82,500, of which $16,300 was for indirect labor.
• Manufacturing overhead incurred through July was $223,900.
• Cost of goods sold through July 31 was $405,800.
Indirect materials cost during July was $2,900.
• Overhead during July was underapplied by $2,100.
Required:
Determine the balance of the Work-in-Process Inventory on July 31.
$ 56,000
86,500
37,000
357,900
22,900
191,800
Ending balance of work-in-process inventory on July 31
0
12,400
180,900
Nort
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College