The accounting records of Pharoah Manufacturing Company include the following information: Work in process inventory Finished goods inventory Direct materials used Direct labor (a) Manufacturing overhead is applied at a rate of 150% of direct labor cost. Answer the following questions: (b) What is the total of the additions to Work in Process Inventory during the year? Total debits $ (c) ✓ Your answer is correct. eTextbook and Media Dec. 31 Jan. 1 $22,400 $56.000 134,400 168,000 ✓ 392,000 179,200 Your answer is correct. What is the amount transferred to Finished Goods Inventory during the year? eTextbook and Media Transferred to Finished Goods Inventory $ Cost of goods sold $ 840,000 What is the cost of goods sold? 873,600 Attempts: 2 of 5 used Attempts: 1 of 5 used
The accounting records of Pharoah Manufacturing Company include the following information: Work in process inventory Finished goods inventory Direct materials used Direct labor (a) Manufacturing overhead is applied at a rate of 150% of direct labor cost. Answer the following questions: (b) What is the total of the additions to Work in Process Inventory during the year? Total debits $ (c) ✓ Your answer is correct. eTextbook and Media Dec. 31 Jan. 1 $22,400 $56.000 134,400 168,000 ✓ 392,000 179,200 Your answer is correct. What is the amount transferred to Finished Goods Inventory during the year? eTextbook and Media Transferred to Finished Goods Inventory $ Cost of goods sold $ 840,000 What is the cost of goods sold? 873,600 Attempts: 2 of 5 used Attempts: 1 of 5 used
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The accounting records of Pharoah Manufacturing Company include the following information:
Work in process inventory
Finished goods inventory
Direct materials used
Direct labor
(a)
Answer the following questions:
(b)
Manufacturing overhead is applied at a rate of 150% of direct labor cost.
Total debits $
(c)
Dec. 31
$22,400
eTextbook and Media
392,000
Your answer is correct.
134,400 168,000
What is the total of the additions to Work in Process Inventory during the year?
179,200
eTextbook and Media
Your answer is correct.
Cost of goods sold $
Jan. 1
$56.000
What is the amount transferred to Finished Goods Inventory during the year?
840,000
What is the cost of goods sold?
Transferred to Finished Goods Inventory $
873,600
Attempts: 2 of 5 used
Attempts: 1 of 5 used
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