As of December 31, Stand Still Industries had $2,500 of raw…
As of December 31, Stand Still Industries had $2,500 of raw materials inventory. At the beginning of the year, there was $2,000 of materials on hand. During the year, the company purchased $375,000 of materials; however, it paid for only $312,500. How much inventory was requisitioned for use on jobs during the year?
Read DetailsTonneau Corporation had the following information available…
Tonneau Corporation had the following information available for October: Work in Process, October 1 $20,000 Materials placed into production, October 27,500 Direct labor, October 37,500 Factory overhead rate is 150 percent of direct labor costs. Job cost sheets had the following balances: Job Z1 $32,500 Job Z2 55,000 Job Z3 35,000 Job Z4 18,750 Jobs Z3 and Z4 were not completed at the end of October. What is the balance in Work-in-Process for Tonneau at the end of October?
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