Oak Products produced and sold 5,000 units during its most recent fiscal year. Direct materials were...

 

Transcribed Image Text:

Oak Products produced and sold 5,000 units during its most recent fiscal year. Direct materials were $9 per unit, direct labor $4 per unit, and variable overhead 110% of direct labor costs. Fixed overhead was $50,000, fixed selling and administrative expenses totaled $50,000, and variable selling and administrative expenses were a combined $8 per unit. Calculate inventoriable costs under variable costing. Jones Manufacturing had one job, Job PLS5, in Work-in-Process Inventory at the beginning of March. The costs incurred to date on PLS5 included $12,300 of direct materials, $7,800 in direct labor, and $19,500 in overhead. During March, Jones finished the job by adding $1,700 of direct materials and $3,900 of direct labor. If Jones applies overhead at the rate of 250% of direct labor cost, what total cost related to Job PLS5 was transferred to Finished Goods Inventory during March? Oak Products produced and sold 5,000 units during its most recent fiscal year. Direct materials were $9 per unit, direct labor $4 per unit, and variable overhead 110% of direct labor costs. Fixed overhead was $50,000, fixed selling and administrative expenses totaled $50,000, and variable selling and administrative expenses were a combined $8 per unit. Calculate inventoriable costs under variable costing. Jones Manufacturing had one job, Job PLS5, in Work-in-Process Inventory at the beginning of March. The costs incurred to date on PLS5 included $12,300 of direct materials, $7,800 in direct labor, and $19,500 in overhead. During March, Jones finished the job by adding $1,700 of direct materials and $3,900 of direct labor. If Jones applies overhead at the rate of 250% of direct labor cost, what total cost related to Job PLS5 was transferred to Finished Goods Inventory during March?

Answer rating: 100% (QA)

1 Calculate inventoriable costs under variable costing for Oak Products Total variable manufacturing ... View the full answer