18, 19 and 20 are based from the following information: At the end of the 20x9 fiscal year, RAVE KAYAK's records show the following unadjusted account balances: Work in process Finished Goods CGS Direct materials 100,000 170,000 360,000 Direct labor 80,000 250,000 600,000 70,000 250,000 440,000 1,400,000 Factory overhead 300,000 720,000 Rave's accountant allocated overhead during the year using a predetermined rate of P 40 per machine hour. At year-end, they computed the actual rate of P 50 per machine hour. The beginning balances of both Work in Process Inventory and Finished Gooods Inventory were zero.
18, 19 and 20 are based from the following information: At the end of the 20x9 fiscal year, RAVE KAYAK's records show the following unadjusted account balances: Work in process Finished Goods CGS Direct materials 100,000 170,000 360,000 Direct labor 80,000 250,000 600,000 70,000 250,000 440,000 1,400,000 Factory overhead 300,000 720,000 Rave's accountant allocated overhead during the year using a predetermined rate of P 40 per machine hour. At year-end, they computed the actual rate of P 50 per machine hour. The beginning balances of both Work in Process Inventory and Finished Gooods Inventory were zero.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter16: Job Order Costing
Section: Chapter Questions
Problem 1CMA: Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A...
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