Wealth Company has the following transactions for the month of November: Purchased materials on account for $300,000 Materials requisitioned for $75,000 Direct labor for the month was incurred (but not yet paid) of $50,000. Actual overhead for the month was $30,000. It has not been paid yet. (Charge to various payables.) Overhead is applied to production at the rate of 50% of direct labor. Jobs totaling $50,000 were transferred from Work-in-Process to Finished Goods. Jobs costing $34,000 were sold. Balances at the beginning of the month were: Materials 34,240 Work-in-Process 0 Finished Goods 12,000 What is the ending balance of Finished Goods?

a. $23,321

b. $64,321

c. $0

d. $28,000

e. $10,040

Answer rating: 100% (QA)

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