Question: Tool Time Inc. uses job order costing for its brand new line of homework machines. The cost incurred for production during 2010 totaled $6,000 of

Tool Time Inc. uses job order costing for its brand new line of homework machines. The cost incurred for production during 2010 totaled $6,000 of materials, $3,000 of direct labor costs, and $2,000 of manufacturing overhead applied. The company ships all goods as soon as they are completed which results in no finished goods inventory on hand at the end of the year. Beginning work in process totaled $5,000, and the ending balance is $3,000. During the year, the company completed 40 machines. How much is the cost per machine?

Step by Step Solution

★★★★★

3.52 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

opening balance of WIP 5000 Direct materi... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1019-B-C-A-C-P-A(1712).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

For the circuit in Fig. 3.70 , find v 1 and v 2 using nodal analysis. 21. 20 V2 ww 10 30 V

Riverside Engineering is a machine shop that uses job order costing. Overhead is applied to individual jobs at a predetermined rate based on direct labor costs. The job cost sheet for job no. 321...

Georgia Woods, Inc., manufactures furniture to customers specifications and uses job order costing. A predetermined overhead rate is used in applying manufacturing overhead to individual jobs. In...

Precision Instruments, Inc., uses job order costing and applies manufacturing overhead to individual jobs by using predetermined overhead rates. In Department A, overhead is applied on the basis of...

1. Tool Time Inc. uses job order costing for its brand new line of homework machines. The cost incurred for production during 2010 totaled $6,000 of materials, $3,000 of direct labor costs, and...

1. Jackson Company is a publicly held corporation whose $1 par value stock is actively traded at $64 per share. The company issued 3,000 shares of stock to acquire land recently advertised at...

Version 3 6. Stitchlt Inc. uses job order costing for its brand new line of sewing machines. The cost incurred for production during 2013 totaled $18,000 of materials, $9,000 of direct labor of...

13. Wasson Company reported the following year-end information: Beginning work in process inventory $ 35,000 Beginning raw materials inventory 18,000 Ending work in process inventory 38,000 Ending...

answer all parts 23 HotSchedules - O... Master Plan - Goo... Word Mail - Cox, Riley -... Canvas Question 3 0/1 pts The following information is available for completed Job No. 2: Direct materials,...

Madison Inc. uses job order costing for its brand new line of sewing machines. The cost incurred for production during 2010 totaled $18,000 of materials, $9,000 of direct labor costs, and $6,000 of...

On November 1, 2010, Janine Company sold directly to underwriters at a lump-sum price, $1,000 face value, 9% serial bonds dated November 1, 2010, at an effective annual interest rate (yield) of 11%....

Do you believe community and technical colleges are essential to the future of our country in terms of workforce development and maintaining our status as the world's leading economic superpower? How...

[ - / 2 Points ] TANAPCAI Find the values of x that satisfy the inequal - 1 0 3 x 2 1 7 - 5 , 4 ( - , ) ( - , - 4 ] [ 5 , ) ( - , - 5 ) ( 4 , ) - 4 , 5

Tonis typesetters is analyzing a possible merger with Petes print shop, Toni has a tax loss carry forward of 200,000 which it could apply to Petes expected earnings before taxes of 100,000 per year...

1. Calculate the inner products, 1-norms, 2- norms, and infinity-norms for the following vectors: (a) the real vectors and 1+i 2-21 3-i 4+ 3i (b) the complex veetors and 2+2i 6- 3i 6-i 2.

Why do you suppose the marketing of the tax shelters at KPMG grew so fast? a. Transformational leadership b. Moral manager c. Social learning theory d. Moral intensity

For vectors i and , suppose ||u|| = 5, the angle between the vectors is 170 degrees, and the dot product u- = -8. Find the magnitude of vectori. Leave at least 4 decimals place. Don't round.

Specify, design, and implement a software tool that will compute the cyclomatic complexity for the programming language of your choice. Use the graph matrix as the operative data structure in your...

List Adam Smiths qualifications of his laissez-faire policy (reasons for government intervention in the society) and then give your own views on the proper role of the government in society.

Consider the volleyball net shown. Determine the angle formed by guy wires AC and AD.

To lift a heavy crate, a man uses a block and tackle attached to the bottom of an I-beam at hook B. Knowing that the moments about the y and z axes of the force exerted at B by portion AB of the rope...

The triangular plate ABC is supported by ball-and-socket joints at B and D and is held in the position shown by cables AE and CF. If the force exerted by cable CF at C is 132 lb, determine the moment...

Two rival football fans have made the following wager: if one fan's college football team wins the conference title outright, the other fan will donate $1,800 to the winning school. Both schools have...

Investors require an 8% rate of return on Mather Company's stock (l.e., rs = 8%). a. What is its value if the previous dividend was Do = $4.00 and investors expect dividends to grow at a constant...

Please explain and give example in the following: 1. Statistical data 2. Combination of statistical data 3. expert judgment data