Compute the amount of factory overhead in finished goods

Assignment Help Cost Accounting
Reference no: EM132657645

The work in process account of Meyers Company showed:

Work in Process

                                          DR                          CR

Materials $22,000                              Finished goods $68,000

Direct labor 37,000

Factory overhead 55,500

Materials charged to the one job still in process amounted to $5,000. Factory overhead is applied as a predetermined percentage of direct labor cost.

Required:

Question : Compute the following:

  1. The amount of direct labor cost in finished goods.
  2. The amount of factory overhead in finished goods.

Reference no: EM132657645

Questions Cloud

What does strategic group map of the craft beer industry : What does your strategic group map of the craft beer industry look like? Which strategic groups do you think are in the best positions? The worst positions?
What is the function of the eye spots in euglena : What is the function of the eye spots in Euglena?
What are some facts to know about marfan syndrome : What are some facts to know about Marfan syndrome? What is a Summary of Marfan syndrome?
What should be evaluated during a job hazard analysis : How to conduct a Job Hazard Analysis for work injuries complaint, specifically to fingers due to a new process involving staplers during packaging. ?
Compute the amount of factory overhead in finished goods : Compute the amount of factory overhead in finished goods. Factory overhead is applied as a predetermined percentage of direct labor cost.
Find ethical issue around human reproduction : How can you identify and defend an ethical issue around human reproduction. Please add reference.
Treatment for improving range of motion during recovery : Identify a common joint injury and explain a treatment for improving range of motion during recovery.
Prepare the company direct materials budget : Prepare the company's direct materials budget and schedule of expected cash disbursements for purchases of materials for the upcoming fiscal year
What amount will be billed to the client involved : DLHs, 102 had not been spent in court. Topson's policy is to charge client costs plus 45%. What amount will be billed to the client involved in Case #3?

Reviews

Write a Review

Cost Accounting Questions & Answers

  What is the corporate veil and under what circumstance

What is the corporate veil and under what circumstance can the corporate veil be pierced

  Show journal entries to records cost allocated to production

Show Journal entries to records cost allocated to production and cost of goods completed during the month and Equivalent production during the month

  What is the total cost to be accounted for

Base your answer on the data from Paxton, Inc. for March.  Paxton uses the average costing method.

  Calculate the comparative operating incomes and net income

Calculate the comparative Operating Incomes, Net Income, Operating income percentage, and Contribution margin percentage for 2017 and 2018.

  Calculate the breakeven - comparative income statements

Compute the allocation rate that was used for the manufacturing overhead in Exhibits 2 and 3. Show your computations in enough detail and with enough organization

  Evaluate account balances

Shiras Distributing Company had the following account balances - the company completed the following summary transactions.

  Why you have determined this to be a good sale price

You are to determine the selling price. Show your calculations, and discuss why you have determined this to be a good sale price.

  How might you explain their international pricing decisions

Think in terms of customers, competitors, and costs. How might Ikea be different than a traditional furniture store? How might you explain their international pricing decisions?

  Find current cash debt coverage ratio

Evaluate the subsequent for Hilton Company: Current cash debt coverage ratio, Cash Debt coverage ratio, Free cash flow

  Calculate the profit or loss and advise

Mrs Mac predicts that 220,000 burgers will be sold. Calculate the profit or loss and advise (based on organisational policy) whether the new outlet

  Prepare journal entry to transfer out the cost of goods

Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. Also prepare journal entry to transfer out the cost

  Prepare a gross margin income statement

(a) Prepare a statement of cost of goods manufactured and sold for the month of July.Prepare a gross margin income statement for the month of July.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd