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  • Accounting WIP T Account

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    prashantgargindia_93
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    The document shows a manufacturing statement for the month with beginning balance, direct materials, direct labor, manufacturing overheads, finished goods inventory, and ending balance. Manufacturing costs for the month equal direct materials plus direct labor plus manufacturing overheads. The cost of goods manufactured is the finished goods inventory of $705,226. The ending inventory balance is $87,326 calculated as the beginning balance plus costs minus finished goods inventory.

    Original Description:

    Accounting Solution for a WIP Accounting Problem

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    The document shows a manufacturing statement for the month with beginning balance, direct materials, direct labor, manufacturing overheads, finished goods inventory, and ending balance. Manufacturing costs for the month equal direct materials plus direct labor plus manufacturing overheads. The cost of goods manufactured is the finished goods inventory of $705,226. The ending inventory balance is $87,326 calculated as the beginning balance plus costs minus finished goods inventory.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    41 views6 pages

    Accounting WIP T Account

    Uploaded by

    prashantgargindia_93
    The document shows a manufacturing statement for the month with beginning balance, direct materials, direct labor, manufacturing overheads, finished goods inventory, and ending balance. Manufacturing costs for the month equal direct materials plus direct labor plus manufacturing overheads. The cost of goods manufactured is the finished goods inventory of $705,226. The ending inventory balance is $87,326 calculated as the beginning balance plus costs minus finished goods inventory.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 6

    Solution:

    Beginning Balance
    Direct Materials
    Direct Labor
    Mfg. Overheads
    Finished Goods Inv.
    Ending Balance

    $
    $
    $
    $
    $
    $

    84,390.00
    258,714.00
    309,167.00
    140,281.00
    705,226.00
    87,326.00 Ending Balance = Beginning Balance + Dir

    Manufacturing costs for the month = Direct Materials + Direct Labor + Mfg. Ov

    Cost of goods manufactured is the finished goods inventory which is $ 705,226

    Ending inventory balance as calculated above is $ 87,326

    ginning Balance + Direct Materials + Direct Labor + Mfg. Overheads - Finished Goods Inv

    rect Labor + Mfg. Overheads = $ 258,714 + $ 309,167 + $ 140,281 = $ 708,162

    y which is $ 705,226

    d Goods Inv

    708,162

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