Meyers Corporation had the following inventory balances at the beginning and end of November:...
Question:
Meyers Corporation had the following inventory balances at the beginning and end of November:
| November 1 | November 30 | |
| Raw materials | $40,000 | $18,000 |
| Finished goods | $110,000 | $75,000 |
| Work in process | $16,000 | $25,000 |
During November, $85,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $7 per direct labor hour, and it paid its direct labor workers $9 per hour. A total of 500 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $10,000 of direct materials costs. The Corporation incurred $60,000 of actual manufacturing overhead cost during the month and applied $55,000 in manufacturing overhead cost.
The direct materials cost in the November 1 Work in Process inventory account totaled _____.
a. $12,500
b. $8,000
c. $11,500
d. $4,500
Work-in-Process Inventory:
Work-in-process inventory is unique to manufacturing and certain service companies. It is the inventory account used to accumulate all the costs incurred on jobs that are not yet completed, and it is presented as part of the inventory asset on the balance sheet at the end of the year.
Answer and Explanation: 1
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The correct option is b.
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Work-in-Process Inventory Account: Definition & Example
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