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
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44.1%.
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125.0%.
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80.0%.
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226.7%.
Homework Answers
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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 Corporation shows a balance of $18,000 at...
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...
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%...
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...
The Work in Process Inventory account of a manufacturing company has a $3.200 debit balance. The...
The Work in Process Inventory account of a manufacturing company has a $3.200 debit balance. The company applies overhead using direct labor costThe cost sheet of the only job still in process shows direct material cost of $1,400 and direct labor cost of $800. Therefore, the amount of applied overhead is: Multiple Choice
Starbird Manufacturing makes accessories for kitchens and home offices. Their Work-in-Process Inventory account had a debit...
Starbird Manufacturing makes accessories for kitchens and home offices. Their Work-in-Process Inventory account had a debit balance of $32,500 on February 1. Also on February 1, Starbird's job cost sheets reported these amounts: Geller $ 7,300 Direct materials Direct labor Manufacturing overhead Totals Customer Job Thomas $ 4,100 3,600 4,400 $ 12,100 5,500 Easton $ 400 250 450 $ 1,100 6,500 $ 19,300 During the month of February, Starbird purchased $13,000 of raw materials on account, and on February 29...
Following is partial information for Delamunte Industries for the month of August: Work In Process Balance,...
Following is partial information for Delamunte Industries for the month of August: Work In Process Balance, August 1 Direct materials used Direct labor Manufacturing overhead applied $ 128,000 122,800 166,000 151,000 Jobs finished during August are summarized here: Cost of Jobs Job # 234 237 231 246 Completed $71,950 32,800 60,000 27,000 Required At the end of August, only one job, Job 248, was still in process. The direct labor cost incurred on Job 248 as of August 31 was...
The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed...
The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Beginning WIP Direct materials Direct labor Applied overhead Total Mfg. costs To finished goods Ending WIP Work in Process Inventory 5,600 48,200 30,700 16,900 101,400 11,100 The cost of jobs transferred to finished goods is: Multiple Choice O $101,400
Following is partial information for Delamunte Industries for the month of August: Work In Process Balance,...
Following is partial information for Delamunte Industries for the month of August: Work In Process Balance, August 1 $ 134,000 Direct materials used 114,800 Direct labor 163,000 Manufacturing overhead applied (based on direct labor cost) 152,000 Jobs finished during August are summarized here: Job # Cost of Jobs Completed 234 $ 59,950 237 28,800 231 47,000 246 20,000 Required: At the end of August, only one job, Job 248, was still in process. The direct labor cost incurred on Job...
Fairfield company applies manufacturing overhead to products at a predetermined rate of $49 per direct labor...
Fairfield company applies manufacturing overhead to products at a predetermined rate of $49 per direct labor hour. Its actual manufacturing costs for the most recent period are summarized here: Direct materials Used on Jobs 101 and 102 $ 89,500 Indirect materials Used on multiple jobs 29,500 Hourly labor wages 750 hours @ $29 per hour 200 hours for Job 101 = $ 5,800 300 hours for Job 102 = 8,700 250 hours for Job 103 = 7,250 21,750 Factory supervision...
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...
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...
The Work in Process Inventory account of a manufacturing company has a $3.200 debit balance. The company applies overhead using direct labor costThe cost sheet of the only job still in process shows direct material cost of $1,400 and direct labor cost of $800. Therefore, the amount of applied overhead is: Multiple Choice
Starbird Manufacturing makes accessories for kitchens and home offices. Their Work-in-Process Inventory account had a debit balance of $32,500 on February 1. Also on February 1, Starbird's job cost sheets reported these amounts: Geller $ 7,300 Direct materials Direct labor Manufacturing overhead Totals Customer Job Thomas $ 4,100 3,600 4,400 $ 12,100 5,500 Easton $ 400 250 450 $ 1,100 6,500 $ 19,300 During the month of February, Starbird purchased $13,000 of raw materials on account, and on February 29...
Following is partial information for Delamunte Industries for the month of August: Work In Process Balance, August 1 Direct materials used Direct labor Manufacturing overhead applied $ 128,000 122,800 166,000 151,000 Jobs finished during August are summarized here: Cost of Jobs Job # 234 237 231 246 Completed $71,950 32,800 60,000 27,000 Required At the end of August, only one job, Job 248, was still in process. The direct labor cost incurred on Job 248 as of August 31 was...
The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Beginning WIP Direct materials Direct labor Applied overhead Total Mfg. costs To finished goods Ending WIP Work in Process Inventory 5,600 48,200 30,700 16,900 101,400 11,100 The cost of jobs transferred to finished goods is: Multiple Choice O $101,400
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