Homework Answers
(a)
| Work in Progress | 39,200 | |
| Factory Overhead | 8,000 | |
| Wages Payable | 47,200 |
(Labor cost incurred in each job is categorized under Work in Progress and Indirect labor cost is categorized under factory overhead)
Working
Total Labor Cost incurred is calculated as sum of labour cost paid on each job and indirect labor incurred.
In the given case total labor cost incurred calculated as:-
= Cost incurred in (Job No. 321 + Job No. 329 + Job No. 336 + Job No. 342 + Job No. 346) + Indirect Labor
= ($11,000 + 9,200 + 5,000 + 8,300 + 5,700) + $8,000
= $39,200 + $8,000
= $47,200
Total Labor cost incurred is $47,200.
(b)
| Work in Progress | 27,440 | |
| Factory Overhead | 27,440 |
Working
Since the application of factory overhead to production for overhead rate is 70% of direct labor cost, we should calculated factory overhead as 70% of total labor cost incurred on each job
= 70% of Direct labor cost
= 70% of Cost incurred in (Job No. 321 + Job No. 329 + Job No. 336 + Job No. 342 + Job No. 346)
= 70% of ($11,000 + 9,200 + 5,000 + 8,300 + 5,700)
= 70% * $39,200
= $27,440
Add Answer to:
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The following information is from the materials requisitions and time tickets for Job 9-1005 completed by...
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