On January 1,Jackson,Inc

question 130

Multiple Choice

On January 1,Jackson,Inc.'s Work-in-Process Inventory account showed a balance of $66,700.During the year,materials requisitioned for use in production amounted to $70,700,of which $67,600 represented direct materials.Factory wages for the period were $208,000 of which $186,200 were for direct labor.Manufacturing overhead is allocated on the basis of 60% of direct labor cost.Actual overhead was $116,160.Jobs costing $353,190 were completed during the year.The December 31 balance in Work-in-Process Inventory is ________.

• A)$66,700
• B)$320,500
• C)$432,220
• D)$79,030

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Futures Contract

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