Reference no: EM131782037
Question - Wilson Company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material cost. At year-end, the Goods in Process Inventory account shows the following.
Date Explanation Debit Credit Balance 2009
Dec. 31 Direct materials cost 1,200,000 1,200,000
31 Direct labor cost 270,000 1,470,000
31 Overhead costs 480,000 1,950,000
31 To finished goods 1,860,000 90,000
1. Determine the overhead rate used (based on direct material cost). (Omit the "%" sign in your response.)
Overhead rate %
2. Only one job remained in the goods in process inventory at December 31, 2009. Its direct materials cost is $40,000. How much direct labor cost and overhead cost are assigned to it? (Omit the "$" sign in your response.)
Direct labor cost $
Overhead cost $
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