A manufacturing company applies overhead using direct labor cost. The company's work in process inventory account...
A manufacturing company applies overhead using direct labor cost. The company's work in process inventory account has $15,000 debit balance after all posting is completed, and the cost sheet of the one job still in process shows direct material costs of $6,600 and direct labor costs of $3,000. What is the company's predetermined overhead rate?
Homework Answers
From the above given information
Work-in-process inventory is $ 15000 (it includes direct material cost ,direct labour cost and manufacturing overheads)
Overhead charged = $15000 _ 6600 _ 3000
= $5400
Pre determined overhead rate = overhead charged ÷ Direct labour cost
= $5400 ÷ $3000
= 1.8 times to direct labour cost I.e, 180% to direct labour cost
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Direct labor costs to Work in Process Inventory.
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Indirect materials costs to the Factory Overhead account.
Indirect labor costs to the Factory Overhead account.
Required: Prepare journal entries to assign the above
costs.
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The Work in Process inventory account of a
manufacturing Corporation shows a balance of $18,000 at the end of
an accounting period.
The job cost sheets of the two uncompleted jobs show
charges of $6,000 and $3,000 for materials, and charges of $4,000
and $2,000 for direct labor.
From this information, it appears that the Corporation
is using a predetermined overhead rate, as a percentage of direct
labor costs. Find the percentage.
Question No. 2: What is underapplied overhead and...
r cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 24,000, direct labor $ 14,400, and manufacturing overhead $ 19,200. As of January 1, Job 49 had been completed at a cost of $ 108,000 and was part of finished goods inventory. There was a $ 18,000...
Post the entries to Work in Process Inventory, and prove the
agreement of the control account with the job cost sheets.
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