Reference no: EM132633950
Question 1 - MadMax Company manufactures customized desks. The following pertains to Job No. 987:
Direct materials used $11,450
Direct labor hours worked 360
Direct labor rate per hour $15.00
Machine hours used 300
Applied factory overhead rate per machine hour $22.00
What is the total manufacturing cost for Job No. 987?
Question 2 - Kline Manufacturing has the following labor costs:
Factory-Gross wages $500,000
Factory-Net wages 450,000
Employer Payroll Taxes Payable 50,000
The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for
As of December 31, 2017, Ortiz Industries had $2,500 of raw materials inventory. At the beginning of 2017, there was $2,000 of materials on hand. During the year, the company purchased $375,000 of materials; however, it paid for only $372,500. How much inventory was requisitioned for use on jobs during 2017?