At the beginning of 2015,Conway Manufacturing had the following account balances: Following additional details are provided for the year:

-The ending balance in the Work-in-Process Inventory account is a ________.

Question

At the beginning of 2015,Conway Manufacturing had the following account balances:  Following additional details are provided for the year:
 
-The ending balance in the Work-in-Process Inventory account is a ________.

Quizplus · Accepted Answer

To find the ending balance in the Work-in-Process Inventory account, we need to use the formula:
Beginning balance + Direct materials used + Direct labor + Manufacturing overhead - Cost of goods manufactured = Ending balance
Plugging in the given values, we get:
$28,000 + $422,000 + $248,000 + $187,000 - $824,000 = Ending balance
Ending balance = -$67,000 (which means it has a debit balance of $67,000)
Therefore, the correct answer is D)debit of $67,000.

At the Beginning of 2015,Conway Manufacturing Had the Following Account