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
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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.
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