FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question 1

Zulfiqar Inc. has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.

 

 

Work in Process

Finished Goods

Cost of Goods Sold

Total

Direct materials

4,020

12,810

22,890

39,720

Direct labor

4,760

17,080

30,520

52,360

Manufacturing overhead applied

3,220

7,130

12,650

23,000

Total

12,000

37,020

66,060

115,080


 
Manufacturing overhead for the month was underapplied by Rs. 4,000.

The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.

 

Calculate amount of work in process inventory at the end of September after allocation of any underapplied or overapplied manufacturing overhead for the month?

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