Assume that the following events occurred at a division of Admiral Enterprises for the current year.
Purchased $ in direct materials.
Incurred direct labor costs of $
Incurred indirect labor costs of $
Determined that other manufacturing overhead was $ excluding indirect labor.
Transferred of the materials purchased to WorkinProcess Inventory.
Completed work on of the work in process.
Sold of the completed goods.
The inventory accounts have no beginning balances.
The actual and applied overhead amounts are the same.
Required: Compute the following amounts in the WorkinProcess Inventory account:
a What is the value of the ending Raw Materials Inventory?
b What is the companys Cost of Goods Sold?
c What is the value of the ending WorkinProcess Inventory?
d What is the journal entry to record the direct labor transaction?
e What is the value of the ending Finished Goods Inventory?
