On January 1, 2014, Matthew Company's Work-In-Process Inventory Account Had

On January 1, 2014, Matthew Company's Work-in-Process Inventory account had a balance of $30,000. During 2014, $58,000 of direct materials was placed into production. Manufacturing wages incurred amounted to $84,000, of which $66,000 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,000. Jobs costing $220,400 were completed during 2014. What is the December 31, 2014 balance of Work-in-Process Inventory?

A) $16,800
B) $34,800
C) $6,000
D) $12,800

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free