Calculate the work in process inventory balance


XYZ Company recorded the following information related to their inventory accounts for 2003:

January 1, 2003 December 31, 2003
Direct materials 10,000 17,000
Work in process 11,000 ?
Finished goods 16,000 9,000

Additional information is as follows:

Direct materials purchased .......... $19,000
Direct labor ........................ 15,000
Actual manufacturing overhead ....... 16,000
Applied manufacturing overhead ...... 14,000

Net income .......................... 30,000
S&A expenses ........................ 20,000
Sales revenue ....................... 90,000

Calculate the work in process inventory balance on December 31. Assume the overhead variance is considered immaterial. Do not use decimals in your answer.

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Accounting Basics: Calculate the work in process inventory balance
Reference No:- TGS045416

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