On January 1, Standard Manufacturing had a beginning balance in Work-in-Process Inventory of $80,200 and a...

 

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On January 1, Standard Manufacturing had a beginning balance in Work-in-Process Inventory of $80,200 and a beginning balance in Finished Goods Inventory of $20,000. During the year, Standard incurred manufacturing costs of $351,000. During the year, the following transactions occurred: Job A-12 was completed for a total cost of $122,000 and was sold for $125,000. Job A-13 was completed for a total cost of $203,000 and was sold for $211,000. Job A-15 was completed for a total cost $60,000 but was not sold as of year-end. The Manufacturing Overhead account had an unadjusted credit balance of $16,000 and was adjusted to zero at year-end, What was the amount of gross profit reported by Standard at the end of the year? On January 1, Standard Manufacturing had a beginning balance in Work-in-Process Inventory of $80,200 and a beginning balance in Finished Goods Inventory of $20,000. During the year, Standard incurred manufacturing costs of $351,000. During the year, the following transactions occurred: Job A-12 was completed for a total cost of $122,000 and was sold for $125,000. Job A-13 was completed for a total cost of $203,000 and was sold for $211,000. Job A-15 was completed for a total cost $60,000 but was not sold as of year-end. The Manufacturing Overhead account had an unadjusted credit balance of $16,000 and was adjusted to zero at year-end, What was the amount of gross profit reported by Standard at the end of the year?

Answer rating: 100% (QA)

1 Calculate the total manufacturing costs incurred during the year 2 D... View the full answer