1 answer

During FY 2018 Bay Manufacturing had total manufacturing costs are $440,000. Their cost of goods manufactured...

Question:

During FY 2018 Bay Manufacturing had total manufacturing costs are $440,000. Their cost of goods manufactured for the year was $455,000. The January 1, 2019 balance of Work-in-Process Inventory is $50,000. Use this information to determine the dollar amount of the FY 2018 beginning Work-in-Process Inventory. (Round dollar values & enter as whole dollars only.)


Answers

Answer- The dollar amount of the FY 2018 beginning Work-in-Process Inventory is = $65000.

Explanation-Cost of goods manufactured = Opening work-in-process inventory+ Total current manufacturing costs- Ending work-in-process inventory

$455000 = Opening work-in-process inventory+ $440000-$50000

$455000 = Opening work-in-process inventory+ $390000

= Opening work-in-process inventory= $455000 - $390000

= $65000

.

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