Assume that the following events occurred at a division of Generic Electric for March of the current year:

1. Purchased $80 million in direct materials.

2. Incurred direct labor costs of $51 million.

3. Determined that manufacturing overhead was $77 million.

4. Transferred 80 percent of the materials purchased to work-in-process.

5. Completed work on 80 percent of the work-in-process. Costs are assigned equally across all work-in-process.

6. The inventory accounts have no beginning balances. All costs incurred were debited to the appropriate account and credited to Accounts Payable.

Required:

Give the amounts for the following items in the Work-in-process account: (Do not round your intermediate calculations. Enter your final answers in millions rounded to 2 decimal places.)

Transfers-In Million

Transfers-Out Million

Ending Balance Million

$192 million; $153.60 million; $38.40 million

Explanation:

Given that,

Direct material purchased = $80 million

Direct labor costs = $51 million

Manufacturing overhead = $77 million

Percent of the work-in-process completed = 80%

(1) Transfers-In:

= Direct materials + Direct labor costs + Manufacturing overhead

= (80% × $80 million) + $51 million + $77 million

= $64 million + $51 million + $77 million

= $192 million

(2) Transfer-out:

= Transfers-In × percent of the work-in-process completed

= $ 192 million × 80 %

= $ 153.60 million

(3) Ending Balance:

= Transfers-In - Transfer-out

= $192 million - $ 153.60 million

= $38.40

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