Solution-Find what is the balance in the finished goods

Find what is the balance in the finished goods inventory

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Reference no: EM132653839

A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from job cost sheets from their first and only jobs so far:

Job 1

Direct materials $765, Direct Labor (Hours 75) $1,575, Manufacturing overhead 60= $2,400

Job 2

Direct materials $145, Direct Labor (Hours 113) $2,373, Manufacturing overhead 90= $2,400

Using the information provided,

Problem A. What is the balance in work in process?

Problem B. What is the balance in the finished goods inventory?

Problem C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?

Reference no: EM132653839

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Find what is the balance in the finished goods inventory

Reference no: EM132653839

Reference no: EM132653839

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