Exercise 7 2 9 ( Static ) Assigning Costs to Jobs ( LO 7 1 , 2 ) Partially completed T accounts and additional information for Dumfries Designs for the month of August follow Materials Inventory Debit Credit BB ( 8 1 ) 1 6 5 , 0 0 0 6 8 2 , 0 0 0 6 1 0 , 0 0 0 Work in Process Inventory Debit Credit BB ( 8 1 ) 3 0 7 , 0 0 0 Labor 5 7 6 , 8 0 0 Finished Goods Inventory Debit Credit BB ( 8 1 ) 5 8 9 , 0 0 0 9 6 0 , 0 0 0 7 7 7 , 5 0 0 Cost of Goods Sold Debit Credit Manufacturing Overhead Control Debit Credit 4 6 2 , 3 0 0 Applied Manufacturing Overhead Debit Credit 4 5 3 , 2 0 0 Additional information for August follows The labor wage rate was $ 2 8 per hour During the month, sales revenue was $ 1 , 7 3 0 , 0 0 0 , and selling and administrative costs were $ 3 2 4 , 6 0 0 This company has no indirect materials or supplies The company applies manufacturing overhead on the basis of direct labor hours Required What was the cost of direct materials issued to production during August What was the over or underapplied manufacturing overhead for August What was the manufacturing overhead application rate in August What was the cost of products completed during August What was the balance of the Work in Process Inventory account at the end of August

Question

Exercise 7   2 9 ( Static ) Assigning Costs to Jobs ( LO 7   1 , 2 ) Partially completed T   accounts and additional information for Dumfries Designs for the month of August follow  Materials Inventory Debit Credit BB ( 8   1 ) 1 6 5 , 0 0 0 6 8 2 , 0 0 0 6 1 0 , 0 0 0 Work   in   Process Inventory Debit Credit BB ( 8   1 ) 3 0 7 , 0 0 0 Labor 5 7 6 , 8 0 0 Finished Goods Inventory Debit Credit BB ( 8   1 ) 5 8 9 , 0 0 0 9 6 0 , 0 0 0 7 7 7 , 5 0 0 Cost of Goods Sold Debit Credit Manufacturing Overhead Control Debit Credit 4 6 2 , 3 0 0 Applied Manufacturing Overhead Debit Credit 4 5 3 , 2 0 0 Additional information for August follows  The labor wage rate was $ 2 8 per hour  During the month, sales revenue was $ 1 , 7 3 0 , 0 0 0 , and selling and administrative costs were $ 3 2 4 , 6 0 0   This company has no indirect materials or supplies  The company applies manufacturing overhead on the basis of direct labor   hours  Required  What was the cost of direct materials issued to production during August  What was the over   or underapplied manufacturing overhead for August  What was the manufacturing overhead application rate in August  What was the cost of products completed during August  What was the balance of the Work   in   Process Inventory account at the end of August

SolutionInn · Accepted Answer

The Answer is in the image, click to view ...

Question: Exercise 7 - 2 9 ( Static ) Assigning Costs to Jobs ( LO 7 - 1 , 2 ) Partially completed T - accounts

Step by Step Solution

Students Have Also Explored These Related Accounting Questions!