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Assume that the following events occurred at a division of Generic Electric for March of the current year:
1. Purchased $90 million in direct materials.
2. Incurred direct labor costs of $43 million.
3. Determined that manufacturing overhead was $77 million.
4. Transferred 80 percent of the materials purchased to work-in-process.
5. Completed work on 80 percent of the work-in-process. Costs are assigned equally across all work-in-process.
6. The inventory accounts have no beginning balances. All costs incurred were debited to the appropriate account and credited to Accounts Payable.
Required:
Give the amounts for the following items in the Work-in-process account
Transfers-in _____?
Transfers-out _____?
Ending Balance ______?
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