Assume That the Following Events Occurred at a Division of Advanced

question 15

Essay

Assume that the following events occurred at a division of Advanced Enterprises for the current year.
(1) Purchased $450,000 in direct materials.
(2) Incurred direct labor costs of $260,000.
(3) Determined that manufacturing overhead was $410,000.
(4) Transferred 70% of the materials purchased to Work-in-Process Inventory.
(5) Completed work on 65% of the work in process. Costs assigned equally across all work-in-process.
(6) The inventory accounts have no beginning balances.
Required:
Compute the following amounts in the Work-in-Process Inventory account:
(a) Transfers-in (TI).
(b) Transfers-out (TO).
(c) Ending balance (EB).

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Definitions:

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