6934 Shares

Help with work in process and finished goods inventory?

Help with work in process and finished goods inventory? Topic: Homework due tonight
June 17, 2019 / By Dalilah
Question: I already found out the direct materials, but this is our second day in this class and I dont understand the question at all, and this homework is due tonight, Please help! direct materials is $11,700 The Bags and Luggage Company had the following account balances as of January 1: Direct Materials Inventory $ 8,700 Work in Process Inventory 76,500 Finished Goods Inventory 53,000 Manufacturing Overhead - 0 - During the month of January, all of the following occurred: 1. Direct labor costs were $50,000 for 1,800 hours worked. 2. Direct materials costing $26,000 and indirect materials costing $4,500 were purchased. 3. Sales commissions of $15,500 were earned by the sales force. 4. $22,000 worth of direct materials were used in production. 5. Advertising costs of $6,300 were incurred. 6. Factory supervisors earned salaries of $12,688. 7. Indirect labor costs for the month were $3,000. 8. Monthly depreciation on factory equipment was $4,500. 9. Utilities expense of $6,980 was incurred in the factory. 10. Luggage with manufacturing costs of $69,000 were transferred to finished goods. 11. Monthly insurance costs for the factory were $4,200. 12. $5,000 in property taxes on the factory were incurred and paid. 13. Luggage with manufacturing costs of $94,057 were sold for $171,013. a. Assume If Bags and Luggage assigns manufacturing overhead of $34,400, what will be the balances in the Direct Materials, Work in Process, and Finished Goods Inventory accounts at the end of January? -work in process inventory= finished goods inventory= if someone could even just give me a hint and say which ones are actually included in work in process inventory, I just dont know what to include or exclude
Best Answer

Best Answers: Help with work in process and finished goods inventory?

Blanid Blanid | 3 days ago
Until the goods are not completed in the product and the work-in-progress phase of the goods manufactured is finished, the finished goods are not written to the inventory account. Instead, common practice is to open a work-in-progress account where you manage the inventory that is still being finished.Apart from this, the value of the inventory for the current accounting period is calculated in the financial statements and then shown in the final accounts. The inventory is calculated by balancing-off the sales with cost of sales and calculating the closing balance figure. This figure is then reported in the balance sheet to show the current inventory value in the current assets of the company.
👍 154 | 👎 3
Did you like the answer? Help with work in process and finished goods inventory? Share with your friends

We found more questions related to the topic: Homework due tonight


Blanid Originally Answered: How does one find an agent? What steps taken? have finished work, no rep?
First of all, you have to be absolutely sure tat your manuscript is in publishable condition. Apart from the obvious, as in no typos, etc., this means that 1) you have to have your cover letter in place 2) must have written your synopsis 3) must have prepared your chapter summaries 4) must identify your genre, the nature of the competition you are up against and how your work will stand against them. Why would yours sell? Why is their a market for your book? You cannot send your book to a literary agent without all that in place as they literally do not have the time to read through all the submissions. Also, do not forget to include a self-addressed stamped envelope. When all this is in place, you have to identify the agents which work with your genre. There is an extensive listing in "the writer's guidebook." Invest in a copy as it is well-worth it.
Blanid Originally Answered: How does one find an agent? What steps taken? have finished work, no rep?
In truth agents are as hard to get as simply selling the work yourself to a publisher. If you are serious about marketing your book you should pursue a duel track strategy. Submit your work to both agents and editors. First, get a copy of the Novel & Short Story Writer's Market. The first part of the book you will find instructions on how to prepare a submission package (and variations). Follow these guidelines. The rest of the book is devoted to listing publisher (each with instructions on how they want a submission presented to them) and a list of agents (again with instructions on how to contact them). Warning, marketing your work is a long tedious job. Expect to get rejections. Do not give up, just be ready to submit your work to the next editor or agent on your list. To pass the time while you are waiting for an answer to your submission, start your next project. It won't keep your mind off the submission, but will fill your time. Good luck.
Blanid Originally Answered: How does one find an agent? What steps taken? have finished work, no rep?
You make sure you've got a manuscript which cannot be improved in any way, because that's what you'll be competing against. You identify agents who have sold books in your genre to publishers. This takes a trip to the bookstore and lots of internet time hunting down which agent reps which author, scanning agencies' sites for client lists, reading blogs, and checking out every agent before you initiate contact, since there are lots of scams. You write a one-page query letter to an agent who reps your genre. You check submission guidelines and send it exactly how they wish to receive it, with or without any attachments or enclosures as they prefer. Then you brace yourself for a long wait that probably ends with "Thanks, not for me" but could just as easily end with complete and utter silence. Meanwhile, you start your next novel.

Blanid Originally Answered: How does this Process you think will work?
In a way, you can. If you post to the appeal site -- other people on the site can give the appeal a 'thumbs-up' to show their support. Whether this makes any difference to the process, though, I don't know. I DO know that Dukalink6000, when #1 on the leaderboard in February, was suspended -- he did get a LOT of support by email, etc. from others on the site to overturn the suspension. But it did not work for him.
Blanid Originally Answered: How does this Process you think will work?
Firstly, your question should be: "How do you think this process should work?" Secondly, Yahoo! is not a court, and they don't usually concede to an appeal unless there is some solid truth. If you talk about certain sensitive issues such as national security related, racism, religious issues, etc.. then it is possible your post will be terminated or reported against.

If you have your own answer to the question homework due tonight, then you can write your own version, using the form below for an extended answer.