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1 .) Trim Force Corp . had the following information in their accounting records :
Work in process inventory , beginning balance $ 50,000 Cost of direct materials used $ 350,000 Direct labor cost applied to production $ 200,000 Cost of finished goods manufactured $ 750,000
Manufacturing overhead during production was $ 250,000 . What was the work in process inventory on hand at the end of the year ?
2 .) Walsh Corp . uses direct labor hours to determine their applied manufacturing overhead . They use a rate of $ 30 per direct labor hour . During the production period , company employees worked 10,000 direct labor hours , and had actual overhead costs of $ 305,000 .
a .) Record the year-end journal entry to close out the Manufacturing Overhead account to the Cost of Goods Sold account .