The following account balances at the beginning of January were selected from the general ledger...
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Accounting
The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing? Company: Work in process inventory ?$0 Raw materials inventory $ 28 comma 900 Finished goods inventory $ 41 comma 000
Additional? data:
1.
Actual manufacturing overhead for January amounted to
$ 64 comma 400$64,400.
2.
Total direct labor cost for January was
$ 63 comma 800$63,800.
3.
The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for
$ 250 comma 000$250,000
of direct labor cost and
$ 350 comma 000$350,000
of manufacturing overhead costs.
4.
The only job unfinished on January 31 was Job No.? 151, for which total direct labor charges were
$ 6 comma 000$6,000
?(1 comma 4001,400
direct labor? hours) and total direct material charges were
$ 14 comma 900$14,900.
5.
Cost of direct materials placed in production during January totaled
$ 123 comma 900$123,900.
There were no indirect material requisitions during January.
6.
January 31 balance in raw materials inventory was
$ 35 comma 500$35,500.
7.
Finished goods inventory balance on January 31 was
$ 35 comma 500$35,500.
What is the work in process inventory balance on January? 31?
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