Homework Answers
1. Predetermined Overhead Rate = 90000/120000 = $0.75 per direct labour.
2. Balance in work in process = Opening Work in Process + Manufacturing Cost - Cost of Goods Manufactured
= 41000 + (75000+ 120000 + 90000) - (58000 + 65000 + 74500 + 67500) = 41000 + 285000 - 265000 = $61,000
3. It is given that only job 248 was in process as on August 31. From above we found out that the cost of job 248 was 61000.
Overhead applied rate is 0.75 per direct labour dollar and direct labour cost incurred in job 248 is 24000. So the applied manufacturing overhead amounts to $18,000 (24000*0.75)
So, the Direct Material Cost will amount to $19,000 (61000 - 24000 - 18000).
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