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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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My question is in the photo please help . Can any one help?

Expert Solution

Step 1

Job order costing is a costing technique used to determine cost of performing job or cost of manufacturing a particular product. It includes the direct labor, direct materials, and manufacturing overhead for that particular job.

Step 2

A. Work-in-process:

Job C = Direct material used + Direct labor + Applied manufacturing overhead

= 6,000 + 2,000 + (Direct labor hours x Predetermined overhead rate)

= 8,000 + (100* x 15)

= 8,000 + 1,500 = $9,500

* Direct labor / Direct labor rate

= 2,000 /20 = 100 hours

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