Use the Information Below to Answer the Following Question(s)

question 102

Multiple Choice

Use the information below to answer the following question(s) .
Portend Company uses a job costing system. The company's schedule of cost of goods manufactured showed the following amounts for September.

Manufacturing overhead cost is allocated at the rate of $6 per direct labour hour
Actual manufacturing overhead costs for September amount to $11,000.
-What is the amount of work in process inventory on September 30 at Portend Company?

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Definitions:

Proportionate Share

A portion or percentage of an entity or amount that corresponds to an individual's part in the whole.

FMV

Fair Market Value (FMV) is the estimated price at which an asset would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.

Basis

The amount paid for an asset, used to calculate gain or loss for tax purposes.

Form 1120

A tax form used by corporations in the United States to report their income, gains, losses, deductions, and credits to the IRS.