Lorrimer Company has a job-order cost system. The following debits (credits) appeared in the Work-in-Process account...
Lorrimer Company has a job-order cost system. The following debits (credits) appeared in the Work-in-Process account for the month of June.
| June 1, balance | $12,000 | |
| June 30, direct materials | 50,000 |
During the month of June, direct labor totaled $30,000 and $24,000 of overhead was applied to production. Finished Goods was debited $100,000 during June.
Lorrimer Company applies overhead at a predetermined rate of 80% of direct labor cost. Job number 83, the only job still in process at the end of June, has been charged with manufacturing overhead of $3,400. What was the amount of direct materials charged to Job number 83?
a.$3,400
b.$4,250
c.$7,580
d.$8,350
Homework Answers
Calculate ending work in process :
| Beginning work in process | 12000 |
| Direct material | 50000 |
| Direct labor | 30000 |
| Applied overhead | 24000 |
| Cost of goods manufactured | -100000 |
| Ending work in process | 16000 |
Overhead applied = 3400
Direct labor = 3400*100/80 = 4250
Direct material = 16000-3400-4250 = 8350
So answer is d) $8350
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