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Texas Plating Company reported a cost of goods manufactured of $520,000, with the firm's year-end balance sheet revealing work in process and finished goods of $70,000 and $134,000, respectively. If supplemental information disclosed raw materials used in production of $80,000, direct labor of $140,000, and manufacturing overhead of $240,000, the company's beginning work in process must have been:_______
A. $130,000.
B. $10,000.
C. $66,000.
D. $390,000.
E. some other amount.

Sagot :

Ogorwyneidn

Answer:

A. $130,000.

Explanation:

To get the beginning work in progress

= Cost of Manufactured goods + Ending Work - cost of manufacturing during the time period

Manufacturing costs is gotten by;

Dm + DL +MO

DL = direct labor

Dm = direct manufacturing

MO = manufacturing overhead

= 80000 + 140000 + 240000

= $460000

Then we are to get beginning work

= 520000+70000-460000

= $130,000

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