What is the balance in work in process inventory at the end

Assignment Help Accounting Basics

Reference no: EM13571468

records. The following transactions occurred in the first month of operations:

1. Direct materials requisitioned during the month:

Job 101 $20,000

Job 102 16,000

Job 103 24,000

$60,000

2. Direct labor incurred and charged to jobs during the month was:

Job 101 $30,000

Job 102 28,000

Job 103 20,000

$78,000

3. Manufacturing overhead was applied to jobs worked on using a predetermined overhead rate based on 75% of direct labor costs.

4. Actual manufacturing overhead costs incurred during the month amounted to $66,000.

5. Job 101 consisting of 1,000 units and Job 103 consisting of 200 units were completed during the month.

(a) Prepare journal entries to record the above transactions.

(b) How much manufacturing overhead was applied to Job 103 during the month?

(d) What is the balance in Work In Process Inventory at the end of the month?

(e) Determine if manufacturing overhead was under- or over-applied during the month. How much?

Reference no: EM13571468

Questions Cloud

What is the value of a preferred stock that pays a 450 : what is the value of a preferred stock that pays a 4.50 dividend to an investor with a required rate of return of

Tonya martin cma and controller of the parts division of : tonya martin cma and controller of the parts division of gunderson inc. was meeting with doug adams manager of the

Accola company uses activity-based costing the company has : accola company uses activity-based costing. the company has two products a and b. the annual production and sales of

Assuming equal yearly cash flows what are the expected : using the payback and rate of return methods to make capital investment decisionssuppose smith valley is deciding

What is the balance in work in process inventory at the end : records. the following transactions occurred in the first month of operations1.nbspnbsp direct materials requisitioned

What is the first step of capital : what is the first step of capital budgeting?a. gathering the money for the investmentb. identifying potential

With regard to the hedging principle which of the following : with regard to the hedging principle which of the following assets should be financed with permanent sources of

Big bucks casino is currently operating at 80 percent : big bucks casino is currently operating at 80 percent capacity. worried about the casinos performance grey the general

Wat securities must be classified within one of the three : what securities must be classified within one of the three categories of held-to-maturity available-for-sale and

User Account

All Pages