Farber Corporation uses a job-order costing system. The information below is from the financial records of...
Farber Corporation uses a job-order costing system. The information below is from the financial records of the company for last year: Total manufacturing costs $2,500,000 Cost of goods manufactured $2,425,000 Predetermined overhead rate 80% of direct labor costApplied overhead was 30% of total manufacturing costs. The Work in Process inventory at January 1 was 75% of the Work in Process inventory at December 31. The Work in Process inventory at December 31 was: $225,000 $100,000 $75,000 $300,000.
Homework Answers
Ending WIP = Beginning WIP+Total manufacturing cost-Cost of goods manufactured
X = .75X+2500000-2425000
0.25X = 75000
X(Ending WIP) = $300000
So answer is d) $300000
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Farber Corporation uses a job-order costing system. The
information below is from the financial records of...
Piekos Corporation is a manufacturer that uses job-order costing. In a recent period, Piekos' reported total...
Piekos Corporation is a manufacturer that uses job-order costing. In a recent period, Piekos' reported total cost of goods manufactured of $700,000 on its schedule of cost of goods manufactured. Included in this determination was $425,000 in direct labor costs, $150,000 in direct materials used. In addition, Piekos incurred $200,000 in actual manufacturing overhead costs. Based on their predetermined overhead rate, Piekos applied $180,000 in overhead during the period. Which of the following entries would definitely be found in Piekos...
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Job Cost Sheet
Job 105
Job 106
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Direct materials
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$
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Direct materials
$
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$
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$
0...
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