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

question 18

Multiple Choice

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

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Definitions:

Jeep Tours

An outdoor activity business offering guided tours in jeep vehicles, typically in scenic or off-road areas.

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The differences between the planned amounts of costs based on standard cost rates and activities, and the actual incurred costs.

Guests

Individuals who are invited to or visit a place or event, typically receiving hospitality from the host.

Planning Budget

A planning budget refers to a financial plan that estimates income, expenditure, and resources over a certain period, tailored to achieve specific goals or objectives.