Hi! I just need help on the last part. I can't figure out how to find WIP. I tried to calculate a lot of things to get an answer but everything keeps coming up as wrong. How would I figure out the calculations for WIP? Thank you in advance.
Required information SB Patel and Sons … [The following information applies to the questions displayed below.] Patel and Sons Inc. uses a standard cost system to apply factory overhead costs to units produced. Practical capacity for the plant is defined as 50,700 machine hours per year, which represents 25,350 units of output. Annual budgeted fixed factory overhead costs are $253,500 and the budgeted variable factory overhead cost rate is $2.20 per unit. Factory overhead costs are applied on the basis of standard machine hours allowed for units produced. Budgeted and actual output for the year was 18,700 units, which took 39,700 machine hours. Actual fixed factory overhead costs for the year amounted to $248,300 while the actual variable overhead cost per unit was $2.10. Brief Exercise 15-18 (LO 15-3] Based on the information provided above, provide the correct summary journal entries for actual and applied factory overhead costs (both variable and fixed) for the year. Assume that the company uses a single account, Factory Overhead, to record both actual and applied factory overhead. Also, assume that the only variable overhead cost was electricity and that actual fixed overhead consisted of depreciation of $153,000 and supervisory salaries of $95,300 Finally, assume that both electricity expense and the supervisory salaries expense have been incurred but not yet paid (i.e., both are current liabilities). (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) Answer is not complete. Transaction Credit No A Debit 287,570 General Journal Factory overhead Salaries payable Utilities payable Accumulated depreciation—Factory 95,300 39,270 153,000 Work in process inventory Factory overhead Journal entry worksheet Record the overhead costs applied to production. Note: Enter debits before credits. Transaction Debit General Journal Work in process inventory Factory overhead