Jack Manufacturing Company had beginning work in process inventory of $8,000. During the period, Jack transferred $34,000 of raw materials to work in process. Labor costs amounted to $41,000 and overhead amounted to $36,000. If the ending balance in work in process inventory was $12,000, what was the amount transferred to finished goods inventory?

Question

contestada

Respuesta :

stokholm stokholm · Answer 1 · 2019-07-22T11:57:12+02:00

Answer:

$107,000

Explanation:

Total amount transferred to finished goods inventory = Opening Work in process + All direct expenses - Closing Work in process.

Here Opening Work in process = $8,000

All direct expenses = Raw Material + Labor + Overhead = $34,000 + $41,000 + $36,000 = $111,000

Closing work in process = $12,000

Amount transferred to finished goods inventory = $8,000 + $111,000 - $12,000 = $107,000

$107,000