On January 1, 2015, Jackson Company's Work-In-Process Inventory Account Showed

On January 1, 2015, Jackson Company's Work-in-Process Inventory account showed a balance of $65,000. During 2015, materials requisitioned for use in production amounted to $70,000 of which $66,000 represented direct materials. Factory wages for the period were $209,000 of which $186,400 were for direct labor. Manufacturing overhead is allocated on the basis of 60% of direct labor cost. Actual overhead was $116,440. Jobs costing $353,240 were completed during 2015. The December 31, 2015, balance in Work-in-Process Inventory is:

A) $80,000.
B) $72,800.
C) $107,200.
D) $76,000.

Correct Answer:

Verified

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

Access For Free