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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.