Croftmark Co. began operations on May 1. Its Work in Process Inventory account on May 31 appeared as follows: Work in Process Inventory Direct material 249,480 Cost of completed jobs ?? Direct labor 172,800 Applied overhead 241,920
Croftmark Co. began operations on May 1. Its Work in Process Inventory account on May 31 appeared as follows: Work in Process Inventory Direct material 249,480 Cost of completed jobs ?? Direct labor 172,800 Applied overhead 241,920
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter4: Accounting For Factory Overhead
Section: Chapter Questions
Problem 9P: Channel Products Inc. uses the job order cost system of accounting. The following is a list of the...
Related questions
Question
Croftmark Co. began operations on May 1. Its Work in Process Inventory account on May 31 appeared as follows:
Work in Process Inventory | |||
---|---|---|---|
Direct material | 249,480 | Cost of completed jobs | ?? |
Direct labor | 172,800 | ||
Applied |
241,920 | ||
The company applies overhead on the basis of direct labor cost. Only one job was still in process on May 31. That job had $67,905 in direct material and $32,580 in direct labor cost assigned to it.
a. What was the predetermined overhead application rate? Enter your answer as a whole percentage. Answer
%
b. What was the balance in WIP Inventory at the end of May? $Answer
c. What was the total cost of jobs completed in May? $Answer
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub