Solution-Determine the balance of the work in process

Determine the balance of the work in process account

Assignment Help Cost Accounting

Reference no: EM13548914

Shown below are the job cost related accounts for the law firm of Barnes, King, and

Morton and their manufacturing-company equivalents:

1780_Determine the balance of the Work in Process account.PNG

Cost data for the month of March follow.
1. Purchased supplies on account $1,500.
2. Issued supplies $1,200 (60% direct and 40% indirect).
3. Time cards for the month indicated labor costs of $50,000 (80% direct and 20% indirect).
4. Operating overhead costs incurred for cash totaled $40,000.
5. Operating overhead is applied at a rate of 90% of direct attorney cost.
6. Work completed totaled $70,000.

Instructions

(a) Journalize the transactions for March. Omit explanations.

(b) Determine the balance of the Work in Process account. Use a Taccount.

Reference no: EM13548914

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Determine the balance of the work in process account

Reference no: EM13548914

Reference no: EM13548914

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