Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. work in process inventory: t account analysis esa.

Work in Process Inventory: T Account Analysis ESA. On July 1, Tin Hau Company's Work...

50.1K

Verified Solution

Question

Accounting

image

Work in Process Inventory: T Account Analysis ESA. On July 1, Tin Hau Company's Work in Process Inventory account showed a beginning balance of $9,000. The Materials Inventory account showed a beginning balance of $40,000. Production activity for July was as follows: (a) Direct materials costing $28,800 were requested for production; (b) total production-related payroll was $10,600, of which $2,600 was used to pay for indirect labor; (c) indirect materials costing $8,400 were purchased and used; and (d) overhead was applied at a rate of 120 percent of direct labor costs. 1. Record Tin Hau's materials, labor, and overhead costs for July in T accounts. 2. Compute the ending balance in the Work in Process Inventory account. Assume a transfer of $45,000 to the Finished Goods Inventory account during the period

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students