The following financial information about the manufacturing plant of Continental Company for the year-to-date and the month of July appears on the company's records: Materials inventory, June 30 Work-in-process inventory, June 30 Finished goods inventory, June 30 Cost of goods sold through June 30 Accounts payable (materials suppliers), June 30 Manufacturing overhead through June 30 Payroll payable, June 30 Withholding and other payroll liabilities, June 30 Overhead applied through June 30 A count of the inventories on hand July 31 shows the following: $ 42,500 ? 40,000 Materials inventory Work-in-process inventory Finished goods inventory Interviews with various plant administrative employees August 1 reveal some additional information: • The company currently owes materials suppliers $52,600. . The company paid suppliers $38,800 cash during July. • Plant payroll during July totaled $82,500, of which $16,300 was for indirect labor. • Manufacturing overhead incurred through July was $223,900. . Cost of goods sold through July 31 was $405,800. • Indirect materials cost during July was $2,900. • Overhead during July was underapplied by $2,100. Required: Determine the balance of the Work-in-Process Inventory on July 31. $ 56,000 86,500 37,000 357,900 22,900 191,800 Ending balance of work-in-process inventory on July 31 0 12,400 180,900

Use the following information to calculate the cost of goods manufactured during July. Work in process inventory, 1 July Manufacturing overhead applied during the month Work in process inventory, 31 July Finished goods inventory, 1 July Finished goods inventory, 31 July Cost of goods sold during July 9,000 20,000 14,000 7,500 5,000 75,000

The predetermined manufacturing overhead rate is usually computed: Select one: A. During the financial year B. When overheads have been incurred C. At the beginning of the financial year D. At the end of the financial year

The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000    B. Raw materials used by Job 1. $550    C. Raw materials used as indirect materials. $50    D. Direct labor for Job 1. $300    E. Indirect labor incurred. $60    F. Factory utilities incurred on account. $650    G. Adjusting entry for factory depreciation. $250    H. Manufacturing overhead applied as % of direct labor. 200% I. Job 1 is transferred to finished goods.   J. Job 1 is sold. $2,900    K. Manufacturing overhead is overapplied. $80    Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A.   Raw Materials Inventory Raw Materials Inventory     Accounts Payable Accounts Payable B.   Work in Process Inventory Work in Process Inventory     Raw Materials Inventory Raw Materials Inventory C.   Manufacturing Overhead Manufacturing Overhead     Raw Materials Inventory…