Assume that the following events occurred at Lakewood, Incorporated last month. Incurred direct...
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Assume that the following events occurred at Lakewood, Incorporated last month. Incurred direct labor costs of $ Completed work on percent of the work in process. Costs are assigned equally across all work in process. Transferred percent of the materials purchased to work in process. Purchased $ in direct materials. Determined that manufacturing overhead was $ The inventory accounts have no beginning balances. All costs incurred were debited to the appropriate account and credited to Accounts Payable. Required: Give the amounts for the following items in the WorkinProcess account: Amount a Transfersin TI $ b Transfersout TO $ c Ending balance EB $ What did I do wrong?
Assume that the following events occurred at Lakewood, Incorporated last month.
Incurred direct labor costs of $
Completed work on percent of the work in process. Costs are assigned equally across all work in process.
Transferred percent of the materials purchased to work in process.
Purchased $ in direct materials.
Determined that manufacturing overhead was $
The inventory accounts have no beginning balances. All costs incurred were debited to the appropriate account and credited to Accounts Payable.
Required:
Give the amounts for the following items in the WorkinProcess account:
Amount
a Transfersin TI $
b Transfersout TO $
c Ending balance EB $
What did I do wrong?
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