The following costs were incurred in february 2010 by, Ask an Expert

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The following costs were incurred in February 2010 by Container Corp., which produces customized steel storage bins:uploaded image

The balance in Work in Process Inventory on February 1 was $16,800, which consisted of $11,200 for Job #217 and $5,600 for Job #218. The February beginning balance in Direct Material Inventory was $44,600. Actual overhead is applied to jobs at a rate of $4.95 per dollar of direct labor cost. Job #217 was completed and transferred to Finished Goods Inventory during February. Job #217 was delivered to the customer at the agreed-upon price of cost plus 35 percent.

b. Determine the February ending balance in WIP Inventory.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9975660

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