appears on the company's records.Materials inventory, June 30Work-in-process inventory, June 30Finished goods inventory, June 30Cost of goods sold through June 30Accounts payable (materials suppliers), June 30Manufacturing overhead through June 30Payroll payable, June 30Withholding and other payroll liabilities, June 30Overhead applied through June 30A count of the inventories on hand July 31 shows the following:$ 42,900?40,400●Manufacturing overhead incurred through July was $225,900.• Cost of goods sold through July 31 was $408,200.• Indirect materials cost during July was $3,300.• Overhead during July was underapplied by $2,500.Materials inventoryWork-in-process inventoryFinished goods inventoryInterviews with various plant administrative employees August 1 reveal some additional information:• The company currently owes materials suppliers $53,000.• The company paid suppliers $39,200 cash during July.●Plant payroll during July totaled $82,900, of which $16,700 was for indirect labor.Required:Determine the balance of the Work-in-Process Inventory on July 31.Answer is complete but not entirely correct.171,600 xEnding balance of work-in-process inventory on July 31$ 57,00086,90037,400359,90023,300193,800$012,800182,900

Inventory includes all the items, merchandise, and raw materials that are used by the business…

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: $ 42,900 ? 40,400 • Manufacturing overhead incurred through July was $225,900. • Cost of goods sold through July 31 was $408,200. • Indirect materials cost during July was $3,300. • Overhead during July was underapplied by $2,500. Required: Determine the balance of the Work-in-Process Inventory on July 31. 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 $53,000. • The company paid suppliers $39,200 cash during July. • Plant payroll during July totaled $82,900, of which $16,700 was for indirect labor. Answer is complete but not entirely correct. $ 171,600 X $ 57,000 86,900 37,400 359,900 Ending balance of work-in-process inventory on July 31 23,300 193,800 0 12,800 182,900

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 7E: The following data are taken from the general ledger and other records of Coral Park Production Co....