A new company started production. Job 10 was completed, and Job 20 remains in production. Here...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 Direct labor Manufacturing overhead Total cost Job 20 Direct materials Direct labor 85 $770 1,785 68 $2,623 Hours Total Cost 100 $160 2,100 80 Manufacturing overhead Total cost Using the information provided, A. What is the balance in work in process? $ B. What is the balance in the finished goods inventory? $2,340 C. 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. per direct labor hour 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 Direct labor Manufacturing overhead Total cost Job 20 Direct materials Direct labor 85 $770 1,785 68 $2,623 Hours Total Cost 100 $160 2,100 80 Manufacturing overhead Total cost Using the information provided, A. What is the balance in work in process? $ B. What is the balance in the finished goods inventory? $2,340 C. 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. per direct labor hour
Expert Answer:
Answer rating: 100% (QA)
A The balance in work in process WIP inventory can be calculated by adding to... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments--Molding and Fabrication. It started, completed, and sold...
-
WoodGrain Technology makes home office furniture from fine hardwoods. The company uses a job-order costing system and predetermined overhead rates to apply manufacturing overhead cost to jobs. The...
-
1. What is the companys plantwide predetermined overhead rate? (Round your answer to 2 decimal places.) predetermined overhead rate: per MPH 2. How much manufacturing overhead was applied to Job P...
-
Consider the following multiplicative demand function where QD = quantity demanded, P = selling price, and I = disposable income: QD = 1.6 P -1.5 Y .2 QD = 1.6 P ^-1.5y.2 The coefficient of I...
-
Mr. Sewall left his car in a parking lot owned by Fitz-Inn Auto Parks, Inc. The lot was approximately one hundred by two hundred feet in size and had a chain link fence along the rear boundary to...
-
Evaluate the integral. (Use C for the constant of integration.) 31dx 31 + ex Need Help? Read It Watch It Submit Answer
-
Consider the cooler, \(\mathrm{H} 2\), in the monochlorobenzene separation process in Figures 7.21 and 7.22. Assume that the heat is transferred to an infinite reservoir of cooling water at...
-
You are the vice-president of finance of Sandy Alomar Corporation, a retail company. The company prepared two different schedules of gross margin for the first quarter ended March 31, 2008. These...
-
The attached code provides a program related to binary trees. Analyze the code to determine what it does. In a text box response, describe what the code does and write out both the trees that it...
-
Capstone Case: Sunrise Bakery Expansion The Sunrise Bakery Corporation was originally founded in Houston, TX in 1991 by Griffin Harris, who currently serves as the company's Chief Executive Officer....
-
Which molecule is N.N-dimethylpropylamine? CH, O, CH, O CH-CH,-CH,-CH, CH) CH O C-CH-CH, CH CH-NH
-
A written contract that bears a seal. a. competent pa rty b. consideration c. divisible c ontract d. entire, or indivisible, contract e. executed c ontract f. executory c ontract g. express c ontract...
-
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn. There is no recourse from the decisions made at an administrative agency hearing.
-
A contract that is understood from the acts or conduct of the parties. a. competent pa rty b. consideration c. divisible c ontract d. entire, or indivisible, contract e. executed c ontract f....
-
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn. The sole purpose of administrative agencies is to regulate business fi rms.
-
A promise to contribute to a charitable organization. a. barren pr omise b. consideration c. forbearance d. gratuitous promis e e. general re lease f. moral c onsideration g. past c onsideration h....
-
You have been provided the following information on 123 REIT. 123 REIT has a book value of equity $10 billion, and the REIT has no debt outstanding. The REIT earned $1.75 billion last year. The...
-
d) For die casting processes: 1. What are the most common metals processed using die casting and discuss why other metals are not commonly die casted? 2. Which die casting machines usually have a...
-
Jason and Mary Wells, friends of yours, were married on December 30, 2012. They know you are studying taxes and have come to you with a question concerning their filing status. Jason and Mary would...
-
Patty Bayan is a single taxpayer living at 543 Space Drive, Houston, TX 77099. Her Social Security number is 466-33-1234. For 2012, Patty has no dependents, and her W-2 from her job at a local...
-
Ulysses and Penelope are married and file separate returns for 2012. Penelope itemizes her deductions on her return. Ulysses' adjusted gross income was $17,400, his itemized deductions were $2,250,...
-
Is an oscillating object in translational equilibrium?
-
How far above Farth's surface must a \(10,000-\mathrm{kg}\) boulder be moved to increase the mass of the Earthboulder system by \(2.50 \mathrm{mg}\) ? Assume the same ratio of energy change to mass...
-
Show that for small displacements the restoring force exerted on part 2 of the displaced string in Figure 15.14 is linearly proportional to the displacement of that part from its equilibrium...
Study smarter with the SolutionInn App