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Calculating work in progress
XYZ Company recorded the following information related to their inventory accounts for January:
January 1, 2003 January 31, 2003 Direct materials 10,000 17,000 Work in process 11,000 ? Finished goods 16,000 9,000 Additional information is as follows: Direct materials purchased... $19,000 Direct labor... 15,000 Applied overhead... 16,000 Operating income... 30,000 S&A expenses... 20,000 Sales revenue... 90,000 Calculate the work in process inventory balance on January 31. _________________________________________________ This is what I've gotten so far: Beginning wip 11,000 direct materials used 12,000 direct labor 15,000 applied overhead 16,000 - ending wip ? = cost of goods manufactured I don't understand how I can calculated ending WIP without the cost of good manufactured, since COGM can't be calculated without ending WIP! |
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