EC 4 Part CFoster Enterprises makes custom-order draperies. In late 2013, when managers prepared the budget for 2014, they estimated that manufacturing overhead would total $113,750. Because the production process is labor intensive, overhead is allocated to jobs based on direct labor hours. Managers expected total direct labor hours to amount to 455,000 hours. During March and April of 2014, employees worked on only three jobs. Relevant information for each job follows:Monthly Data Recorded Job 76 Job 77 Job 78 March Direct materials cost $13,169 _ _ Direct labor cost $36,160 _ _ Direct labor hours 3,815 _ _ April Direct materials cost $0 $10,883 $6,370 Direct labor cost $9,947 $22,929 $2,846 Direct labor hours 1,083 2,594 405 Job 76 was started in March, finished in April, and delivered to the customer in the same month. Job 77 was started in April, finished in April, and delivered to the customer in May. Job 78 was started in April and finished in May. What was the Work in Process Inventory balance on March 31? On April 30? (Round overhead applied and final answers to thenearest whole dollar, e.g. 5,275.)March 31:$April 30:eTextbook and Media%24

Predetermined overhead rate = Estimated overhead / Estimated direct labor hours = $113,750 / 455000…

Answered: Foster Enterprises makes custom-order…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 16MC: The journal entry to record the $500 of work in process ending inventory that consists of $300 of...

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EC 4 Part C

Foster Enterprises makes custom-order draperies. In late 2013, when managers prepared the budget for 2014, they estimated that manufacturing overhead would total $113,750. Because the production process is labor intensive, overhead is allocated to jobs based on direct labor hours. Managers expected total direct labor hours to amount to 455,000 hours.
During March and April of 2014, employees worked on only three jobs. Relevant information for each job follows:

Monthly Data Recorded	Job 76	Job 77	Job 78
March
Direct materials cost	$13,169	_	_
Direct labor cost	$36,160	_	_
Direct labor hours	3,815	_	_
April
Direct materials cost	$0	$10,883	$6,370
Direct labor cost	$9,947	$22,929	$2,846
Direct labor hours	1,083	2,594	405

Job 76 was started in March, finished in April, and delivered to the customer in the same month. Job 77 was started in April, finished in April, and delivered to the customer in May. Job 78 was started in April and finished in May.

What was the Work in Process Inventory balance on March 31? On April 30? (Round overhead applied and final answers to the
nearest whole dollar, e.g. 5,275.)
March 31:
$
April 30:
eTextbook and Media
%24

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