Question

The following is selected financial data from Turtle Bay Manufacturing for the most recent year.Ending raw materials inventory: $21,000Ending work in process inventory: $44,200Ending finished goods inventory: $53,200Amount of underallocated manufacturing overhead: $5,100Cost of goods sold for year: $85,000Cost of raw materials purchased during year: $45,300Cost of direct materials requisitioned during year: $43,800Cost of indirect materials requisitioned during year: $7,200Cost of goods completed during year: $120,000Manufacturing overhead allocated: $60,000Manufacturing overhead % of direct labor cost: 120%What is the beginning work in process inventory?$10,400

Answer 1

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Ending raw materials inventory: $21,000

Ending work in process inventory: $44,200

Ending finished goods inventory: $53,200

Amount of under-allocated manufacturing overhead: $5,100

Cost of goods sold for the year: $85,000

Cost of raw materials purchased during the year: $45,300

Cost of direct materials requisitioned during the year: $43,800

Cost of indirect materials requisitioned during the year: $7,200

Cost of goods completed during the year: $120,000

Manufacturing overhead allocated: $60,000

Manufacturing overhead % of direct labor cost: 120%

Beginning work in process?

Cost of goods completed during the year= beginning work in process + direct material + direct labor + manufacturing overhead - ending work in process

120000= ? + 46800 + 7200+  (65100/1.20) + 65100 - 44200

120000= ? + 46800 + 7200 + 54250 + 65100 - 44200

Beginning work in process= 9150