18. LO.4 (Cost accumulation) Barfield Mfg. Co. applies overhead to jobs at a rate of 140percent of direct labor cost. The following account information is available.Direct Material InventoryWork in Process InventoryBeg. Balance24,600? Beg. balance56,000?Purchases?Directmaterial?Direct labor 395,000Overhead?4,10027,640 Finished Goods InventoryCost of Goods SoldBeg. balance 90,0001,890,000?Goodscompleted?57,000Calculate the following items that are missing from Barfield's account information:a. Cost of goods soldb. Cost of goods manufacturedc. Amount of overhead applied to productiond. Cost of direct material usede. Cost of direct material purchased

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.LO.4 (Cost accumulation) Barfield Mfg. Co. applies overhead to jobs at a rate of 140 percent of direct labor cost. The following account information is available. Direct Material Inventory Work in Process Inventory Beg. Balance 24,600 ? Beg. balance 56,000 ? Purchases ? Direct material Direct labor 395,000 Overhead ? 4,100 27,640

.LO.4 (Cost accumulation) Barfield Mfg. Co. applies overhead to jobs at a rate of 140 percent of direct labor cost. The following account information is available. Direct Material Inventory Work in Process Inventory Beg. Balance 24,600 ? Beg. balance 56,000 ? Purchases ? Direct material Direct labor 395,000 Overhead ? 4,100 27,640

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...

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