The following information was taken from the accounting records of Light Tool Corporation. Work in process inventory, beginning of the year $ 50,000 Cost of direct materials used 260,000 Direct labor cost applied to production 135,000 Cost of finished goods manufactured 897,750 Overhead assigned to production was $500,000. Compute the amount of the work in process inventory on hand at year-end.

47,250  

Explanation:

The manufacturing costs in the year is the sum of work in process inventory, at the beginning of the year, the cost of direct materials, the direct cost of labor and the overhead assigned to production as computed thus:

manufacturing costs=50,000+260,000+135,000+500,000

manufacturing costs=945,000

amount of the work in process inventory on hand at year-end=manufacturing costs-cost of finished goods manufactured

amount of the work in process inventory on hand at year-end=945,000-897,750= 47,250  

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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