Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work

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Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following.

1. Determine the predetermined overhead rate used (based on direct materials cost).

2. Only one job remains in work in process inventory at year-end. Its direct materials cost is $30,000.

How much direct labor cost and applied overhead are assigned to this job?

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Fundamental Accounting Principles

ISBN: 9781260247985

25th Edition

Authors: John J Wild, Ken Shaw

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Question Posted: Oct 27, 2021 02:50 AM

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Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work

Question:

Work in Process Inventory Beginning Direct materials used 1,500,000 300,000 600,000 Direct labor used Overhead applied 2,350,000 Cost of goods manufactured Ending 50,000

Step by Step Answer:

Overhead means all indirect costs related to production of goods these costs can not be applied di...View the full answer

Fundamental Accounting Principles

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