Homework Answers
1.
| Overhead rate | ||||
| Choose numerator: | / | Choose denominator : | = | Overhead rate |
| Overhead costs | / | Direct materials cost | = | Overhead rate |
| 385000 | / | 1100000 | = | 35% |
2.
| Total cost of job in process | 92000 |
| Less: Materials cost of job in process | 25000 |
| Less: Overhead applied [ 35% * 25000 ] | 8750 |
| Direct labor cost | 58250 |
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Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis...
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the...
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Work in Process Inventory Date Explanation Debit Credit Balance Dec. 31 Direct materials cost 1,200,000 1,200,000 31 Direct labor cost 220,000 1,420,000 31 Overhead applied 564,000 1,984,000 31 To finished goods 1,902,080 82,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work in process inventory at...
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the...
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following Work in Process Inventory Date Explanation Debit Credit Dec. 31 Direct materials cost 1,400,000 31 Direct labor cost 260,000 31 Overhead applied 448,000 31 To finished goods 2,016,000 Balance 1,400,000 1,650,000 2,108,000 92,000 1. Determine the predetermined overhead rate used based on direct materials cost). 2. Only one job remained in work in process inventory at...
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the...
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process inventory account shows the following Date Credit Work in Process Inventory Explanation Debit Dec. 31 Direct materials cost 2, 103, 31 Direct labor cost 230. 31 Overhead applied 340, BD 31 To finished goods Balance 2,000,000 2,238,00 3,078, 91,090 2.979,00 1. Determine the predetermined overhead rate used based on direct materials cos). 2. Only one job remained in work in process...
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the...
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Work in Process Inventory Date Explanation Debit Credit Balance Dec. 31 Direct materials cost 1,700,000 1,700,000 31 Direct labor cost 250,000 1,950,000 31 Overhead applied 782,000 2,732,000 31 To finished goods 2,653,000 79,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work in process inventory...
Please Help CAS 27 0 Saved Help Save & Exit Submit Lorenzo Company uses a job...
Please Help
CAS 27 0 Saved Help Save & Exit Submit Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following Explanat 2017 Dec. 31 Direct materials cost 1,000,000 300,000 430,000 31 Direct labor cost 31 Overhead applied 31 To finished goods 1,000,000 1,300,00o points 1.659.00 1 70.000 1. Determine the predetermined overhead rate used (based on direct materials...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $117,000 of manufacturing overhead for an estimated allocation base of $90,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 136,000 $ 86,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $136.500 of manufacturing overhead for an estimated allocation base of $91.000 direct material dollars to be used in production. The company has provided the following data for the just completed year. $ 139,000 $ 87,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $111,800 of manufacturing overhead for an estimated allocation base of $86,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 130,000 $ 82,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $117,000 of manufacturing overhead for an estimated allocation base of $90,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 139,000 $ 86,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $121,800 of manufacturing overhead for an estimated allocation base of $87,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 134,000 $ 83,000 Purchase of raw...
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Work in Process Inventory Date Explanation Debit Credit Balance Dec. 31 Direct materials cost 1,200,000 1,200,000 31 Direct labor cost 220,000 1,420,000 31 Overhead applied 564,000 1,984,000 31 To finished goods 1,902,080 82,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work in process inventory at...
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following Work in Process Inventory Date Explanation Debit Credit Dec. 31 Direct materials cost 1,400,000 31 Direct labor cost 260,000 31 Overhead applied 448,000 31 To finished goods 2,016,000 Balance 1,400,000 1,650,000 2,108,000 92,000 1. Determine the predetermined overhead rate used based on direct materials cost). 2. Only one job remained in work in process inventory at...
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process inventory account shows the following Date Credit Work in Process Inventory Explanation Debit Dec. 31 Direct materials cost 2, 103, 31 Direct labor cost 230. 31 Overhead applied 340, BD 31 To finished goods Balance 2,000,000 2,238,00 3,078, 91,090 2.979,00 1. Determine the predetermined overhead rate used based on direct materials cos). 2. Only one job remained in work in process...
Please Help
CAS 27 0 Saved Help Save & Exit Submit Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following Explanat 2017 Dec. 31 Direct materials cost 1,000,000 300,000 430,000 31 Direct labor cost 31 Overhead applied 31 To finished goods 1,000,000 1,300,00o points 1.659.00 1 70.000 1. Determine the predetermined overhead rate used (based on direct materials...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $117,000 of manufacturing overhead for an estimated allocation base of $90,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 136,000 $ 86,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $136.500 of manufacturing overhead for an estimated allocation base of $91.000 direct material dollars to be used in production. The company has provided the following data for the just completed year. $ 139,000 $ 87,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $111,800 of manufacturing overhead for an estimated allocation base of $86,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 130,000 $ 82,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $117,000 of manufacturing overhead for an estimated allocation base of $90,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 139,000 $ 86,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $121,800 of manufacturing overhead for an estimated allocation base of $87,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 134,000 $ 83,000 Purchase of raw...
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