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.
Homework Answers
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The Work in Process inventory account of a
manufacturing Corporation shows a balance of $18,000 at...
The Work-in-Process Inventory account of a manufacturing firm has a balance of $3,400 at the end...
The Work-in-Process Inventory account of a manufacturing firm has a balance of $3,400 at the end of an accounting period. The job cost sheets of two uncompleted jobs show charges of $450 and $250 for materials used, and charges of $450 and $750 for direct labor used. Overhead is applied as a percentage of direct labor costs. The predetermined rate is: Multiple Choice 44.1%. 125.0%. 80.0%. 226.7%.
The Work in Process controlling account of a manufacturing firm shows a debit balance of $5,000...
The Work in Process controlling account of a manufacturing firm shows a debit balance of $5,000 at the end of an accounting period. The job cost sheet of the two uncompleted jobs shows charges of $700 and $1,300 for materials used and charges of $400 and $600 for direct labor used. From this information, it appears that the company is using a predetermined factory overhead rate (as a percentage of direct labor cost) of: a 100%. b 200%. C 33%...
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?
The balance in the Work in Process Inventory account equals: Multiple Choice O the balance in...
The balance in the Work in Process Inventory account equals: Multiple Choice O the balance in the Finished Goods Inventory account O the balance in the cost of Goods Sold account O the balances on the job cost sheets of uncompleted jobs O the balance in the Manufacturing Overhead account
The Work in Process Inventory account of a manufacturing company has a $3,500 debit balance. The...
The Work in Process Inventory account of a manufacturing company has a $3,500 debit balance. The company applies overhead using direct labor cost. The cost sheet of the only job still in process shows direct material cost of $1,580 and direct labor cost of $860. Therefore, the amount of applied overhead is: Multiple Choice Ο Ο $1,920. Ο $2,440. Ο $1,060. Ο $860. Ο $2,640. Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the...
Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V,...
Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $5,000 for direct materials, $8,000 for direct labor, and $6,000 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $2,500 for direct materials and $4,000 for direct labor. Required: 1a. Should any overhead cost be applied to Job W at year-end? 1b. How much overhead...
The Silver Corporation uses a predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined...
The Silver Corporation uses a predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined overhead rate is based on labor cost in Dept. A and on machine-hours in Dept. B. At the beginning of the year, the Corporation made the following estimates: Direct labor cost Manufacturing overhead Direct labor-hours Machine-hours Dept. A Dept. B $60,000 $40,000 $90,000 $45,000 6,000 9,000 2,000 15,000 What predetermined overhead rates would be used in Dept. A and Dept. B, respectively? Multiple Choice...
1) Determine the beginning balance at Dec 1 (Nov 30) for Work in Process Control. 2)...
1) Determine the beginning balance at Dec 1 (Nov 30) for Work in
Process Control.
2) The company uses a predetermined overhead rate so find it and
show work how you got it
3) Fill in the data for December for Work in Process Control
(T-account) and subsidiary ledger.
4) Add T-accounts for product costs and complete each T-account
as of Dec 31. Use below data to help fill in accounts.
Note: some additional information for December is that indirect...
Post the entries to Work in Process Inventory, and prove the agreement of the control account...
Post the entries to Work in Process Inventory, and prove the
agreement of the control account with the job cost sheets.
Exercise 15-02 a-b (Video) (Part Level Submission) Bonita Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,890 and two jobs in process: Job No. 429 $2,540, and Job No. 430 $1,350. During May, a summary of source documents reveals the following. Materials Labor Time Job Number...
I. Journalizing transactions; calculating overhead; adjusting manufacturing overhead; proving ledger account balances a. Follow instructions in...
I. Journalizing transactions; calculating overhead; adjusting manufacturing overhead; proving ledger account balances a. Follow instructions in numbers 1 & 2. **The job cost sheets are shown below (Last page). For #1 just name each cost sheet and enter beginning balances shown b. For #2, Name the cost sheet c. Journalize numbers 3 and 5 through 12; **Number 4 just requires you to calculate the pre- determined overhead rate 1. At the beginning of the period, May 1, three jobs were...
The Work in Process controlling account of a manufacturing firm shows a debit balance of $5,000 at the end of an accounting period. The job cost sheet of the two uncompleted jobs shows charges of $700 and $1,300 for materials used and charges of $400 and $600 for direct labor used. From this information, it appears that the company is using a predetermined factory overhead rate (as a percentage of direct labor cost) of: a 100%. b 200%. C 33%...
The balance in the Work in Process Inventory account equals: Multiple Choice O the balance in the Finished Goods Inventory account O the balance in the cost of Goods Sold account O the balances on the job cost sheets of uncompleted jobs O the balance in the Manufacturing Overhead account
The Work in Process Inventory account of a manufacturing company has a $3,500 debit balance. The company applies overhead using direct labor cost. The cost sheet of the only job still in process shows direct material cost of $1,580 and direct labor cost of $860. Therefore, the amount of applied overhead is: Multiple Choice Ο Ο $1,920. Ο $2,440. Ο $1,060. Ο $860. Ο $2,640. Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the...
Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $5,000 for direct materials, $8,000 for direct labor, and $6,000 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $2,500 for direct materials and $4,000 for direct labor. Required: 1a. Should any overhead cost be applied to Job W at year-end? 1b. How much overhead...
The Silver Corporation uses a predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined overhead rate is based on labor cost in Dept. A and on machine-hours in Dept. B. At the beginning of the year, the Corporation made the following estimates: Direct labor cost Manufacturing overhead Direct labor-hours Machine-hours Dept. A Dept. B $60,000 $40,000 $90,000 $45,000 6,000 9,000 2,000 15,000 What predetermined overhead rates would be used in Dept. A and Dept. B, respectively? Multiple Choice...
1) Determine the beginning balance at Dec 1 (Nov 30) for Work in
Process Control.
2) The company uses a predetermined overhead rate so find it and
show work how you got it
3) Fill in the data for December for Work in Process Control
(T-account) and subsidiary ledger.
4) Add T-accounts for product costs and complete each T-account
as of Dec 31. Use below data to help fill in accounts.
Note: some additional information for December is that indirect...
Post the entries to Work in Process Inventory, and prove the
agreement of the control account with the job cost sheets.
Exercise 15-02 a-b (Video) (Part Level Submission) Bonita Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,890 and two jobs in process: Job No. 429 $2,540, and Job No. 430 $1,350. During May, a summary of source documents reveals the following. Materials Labor Time Job Number...
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