Hey,
I had this prob for myhomework. I tried all the solutions but got 'em all wrong. The system gave me some weird answer after all the attempts. I am confused now as I did not get how it got the answer. Can you help me out, please?
Here's the data:
Global Company has an incomplete set of information for the month of January as follows. All the materials used were direct materials. Direct labor hours were 6,000. There are 10 questions on Global Company to follow. You should set up T-accounts.

Total units produced 10,000

Total sales $1,000,000
SG&A Salaries $110,000
Insurance, factory 8,000
Utilities, factory 53,000
Purchase of RM 300,000
Indirect labor 85,000
Wages payable (factory) 153,000
Advertising exp 80,000
Cleaning supplies, factory 8,000
Sales commission 80,000
Rent, factory building 120,000
Maintenance, factory 30,000
Inventory balance b/b e/b
RM $28,500 $10,000
WIP 42,000 ?
FG 50,000 ?
CG available for sale $740,000
CGS $660,000



What was the ending balance of the work-in-process inventory? Cost of Goods Manufactured?