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Homework answers / question archive / A) Sterling's records show the work in process inventory had a beginning balance of $5,000 and an ending balance of $4,000

A) Sterling's records show the work in process inventory had a beginning balance of $5,000 and an ending balance of $4,000

Management

A) Sterling's records show the work in process inventory had a beginning balance of $5,000 and an ending balance of $4,000. How much direct labor was incurred if the records also show:

Materials used$1,600

Overhead applied 300

Cost of goods manufactured 7,200

 

B) Logo Gear purchased $2,100 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,050. What was the beginning inventory if the ending inventory was $800?

 

C) A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far:

 

Job 10 Hours  Total Cost

Direct materials    $750

Direct labor  85  1,870

Manufacturing overhead    68

Total cost    $2,688 

 

Job 20 Hours Total Cost

Direct materials    $130 

Direct labor  115  2,530 

Manufacturing overhead   92 

Total cost    $2,752 

 

What is the balance in work in process?

 

 What is the balance in the finished goods inventory?

 

 If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate? Round your final answer to nearest cent.

 

$ Direct per hour

 

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