A company has the following transactions during the week. Purchase of $3,000 raw materials inventory

Question:

A company has the following transactions during the week.

• Purchase of $3,000 raw materials inventory

• Assignment of $700 of raw materials inventory to Job 7

• Payroll for 10 hours and $3,000 is assigned to Job 7

• Factory depreciation of $1,750

• Overhead applied at the rate of $200 per hour

What is the cost assigned to Job 7 at the end of the week?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Principles Of Accounting Volume 2 Managerial Accounting

ISBN: 9780357364802

1st Edition

Authors: OpenStax

See More Books

Question Posted: Jul 21, 2023 11:29 PM

See More Questions

The Totman Company has the following transactions during the months of January and February: The cost of the inventory at January 1 is $24, $23, and $15 per unit, respectively, under the FIFO,...
The Tusquittee Company is a retail company that began operations on October 1, 2018, when it incorporated in the state of North Carolina. The Tusquittee Company is authorized to issue 100,000 shares...
The Bigfork Company is a retail company that began operations on January 1,2018. The Bigfork Company is authorized to issue 1,000,000 shares of P10 par value ordinary share and 500,000 shares of 3%,...
Unfiltered olive oil must flow at a minimum speed of 3.0 m/s to prevent settling of debris in a pipe. The oil leaves a pump at a pressure of 88 kPa through a pipe of radius 9.5 mm. It then enters a...
Performance Used Auto Sales asked for your help in comparing the companys profit performance and financial position with the average for the auto sales industry. The proprietor has given you the...
A furniture company manufactures tables and chairs. Each table and chair must be made entirely out of oak or entirely out of pine. A total of 15,000 board feet of oak and 21,000 board feet of pine...
Follow the steps below to prove the LLN without using CLT. (a) Let $X$ be a random variable with mean $\mu$ and variance $\sigma^{2}$. Then for any real number \(\alpha>0,...
Capital budget methods, no income taxes Riverbend Company runs hardware stores in a tristate area. Riverbends management estimates that if it invests $250,000 in a new computer system, it can save...
35. Expandiendo e sin en serie de Fourier en wt, mostrar que la ecuacin trascendedente de Kepler tiene la solucin formal: = wt+Jn(ne) sin (wt), n=1 n 2 donde J, es la funcin de Bessel de orden n....
The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $3,000 B. Raw materials used by Job 1: $500 C. Raw...
During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Prepare...
Let $X$ be a random variable. Prove that the characteristic function of $X$ is real valued if and only if $X$ has the same distribution as $-X$.
Forward buying results in a stabilized buying pattern. small orders during the promotion period followed by very small orders after that. small orders during the promotion period followed by large...
Define the key performance metrics for facilities and discuss their role in creating strategic fit between the supply chain strategy and the competitive strategy.
The set of business processes required to purchase goods and services is known as the cycle inventory. the safety inventory. the seasonal inventory. sourcing.
Kitchen Trims is a manufacturer of cornice and pelmet trims for the kitchen manufacturer market. It has production capacity of 1,500 units per day. Currently, the company sells production capacity...
Long-term boom and bust cycles that mimic the bullwhip effect have been seen within the following product groups: calendars and greeting cards. cat food. university textbooks. memory chips for...
Susan May Bakery, Inc. reported a prior-period adjustment in 2016. An accounting error caused net income of prior years to be overstated by $4,000. Retained Earnings at December 31, 2015, as...
The registrar of a college with a population of N = 4,000 full-time students is asked by the president to conduct a survey to measure satisfaction with the quality of life on campus. The following...
Which of the following is not a way to prevent your computer from being attacked by ransomware? A. Making sure your antivirus security programs are up to date B. Opening all attachments from emails...
An enterprise resource planning (ERP) system ________. A. Is software to help you prepare your tax return B. Requires that you pay ransom before you can operate it C. Is a large, company-wide...
You just posted a credit to Sales and a debit to Cash. Which special journal did it come from? A. Sales journal B. Cash receipts journal C. Purchases journal D. Cash disbursements journal E. General...
Suppose your firm is considering investing in a project with the cash flows shown below, that the required rate of return on projects of this risk class is 8 percent, and that the maximum allowable...
Wildhorse Sports has determined the following unit costs for each of its products: Pants Jerseys Jackets Direct materials $5.00 $11.00 $54.00 Direct labor 4.00 3.00 24.00 Manufacturing overhead 5.00...
Research one particular myth (your choice from any culture) and find examples of art and poetry and on each example explain how it conveys the story aesthetically.?

A company has the following transactions during the week. Purchase of $3,000 raw materials inventory

Question:

Step by Step Answer:

To calculate the cost assigned to Job 7 at the end of the week we need to consider the expenses rela...View the full answer

Principles Of Accounting Volume 2 Managerial Accounting

Students also viewed these Business questions