- Hiassen Company's predetermined overhead rate is based on direct labor costs. The company's Work in process inventory account has a balance of $3,708, which relates to the one job that was in process at the end of an accounting period. The related job cost sheet includes total charges of $828 for direct materials and $1,500 for direct labor. The company's predetermined overhead rate, as a percentage of direct labor costs, must be...
92%
- Unit product cost information is used for...
valuing unsold units in ending inventory and for determining cost of goods sold.
- Vahedi Company manufactures a specialty line of silk-screened ties. The company uses a job-order costing system. During the month, the following costs were incurred on Job 1041: direct materials $55,000 and direct labor $14,250. In addition, selling and shipping costs of $25,000 were incurred on the job. Manufacturing overhead was applied at the rate of $45 per machine-hour (MH) and Job 1041 required 350 MHs. If Job 1041 consisted of 5,000 ties, the cost of goods sold per tie was...
$17.00
- Suppose $58,000 of raw materials is withdrawn from the storeroom to be used in production. Of this amount, $34,000 consists of direct materials and $24,000 consists of indirect materials. What account or accounts will be debited?
Work in process $34,000 and Manufacturing overhead $24,000
- Suppose a total of $30,000 of overhead is applied to jobs. What account will be debited?
Work in process $30,000
- The ending Finished goods account balance is determined by adding the beginning balance to the...
cost of goods manufactured and then subtracting the cost of goods sold.
- On January 1, Hessler Company's Work in Process account had a balance of $22,000. During the year, direct materials costing $32,000 were placed into production. Direct labor cost for the year was $57,000. The predetermined overhead rate for the year was set at 150% of direct labor cost. Actual overhead costs for the year totaled $87,500. Jobs costing $181,500 to manufacture according to their job cost sheets were completed during the year. On December 31, the balance in the Work in Process inventory account was...
$15,000
Work in Process
Balance 22,000 Finished goods 181,500
Direct materials 32,000
Direct labor 57,000
Overhead applied 85,500
Balance 15,000
- Walston Manufacturing Company has provided the following data concerning its raw materials inventories last month:
Beginning raw materials inventory $ 70,000
Purchases of raw materials 460,000
Ending raw materials inventory 40,000
The cost of the raw materials used in production for the month was...
$490,000
- Juniper Company has provided the following data concerning its manufacturing costs and work in process inventories last month:
Raw materials used in production $ 320,000
Direct labor 220,000
Manufacturing overhead 270,000
Beginning work in process inventory 45,000
Ending work in process inventory 75,000
The cost of goods manufactured for the month was...
$780,000
- Jurden Company bases its predetermined overhead rates on machine-hours. At the beginning of the year, the company estimated $84,800 of manufacturing overhead and 53,000 machine-hours for the year. Actual manufacturing overhead for year amounted to $91,500 and the actual machine-hours totaled 55,000. Manufacturing overhead for the year was (under/overapplied) by...
Underapplied by $3,500
