Jane Neff believes that the cost of good manufactured schedule in job order cost accounting is the same as below. Is Jane correct ? 8.242%23Factory utilities10,100Factory depreciation9,440Factory insurance8,360Total manufacturing overhead54,800Total manufacturing costs376,800Total cost of work in process395,200Less: Work in process, December 3125,200$370,000Cost of goods manufactured*To simplify the presentation, assumes that all raw materials used were direct materials.Is Jane correct?Attempts: 0 of 1 used SubmitASave for Later13F12同回F10F11F8toF7因F56.+Do7.5, * 00团#3Current DesignsCost of Goods Manufactured Schedulefor the Year Ended December 31, 2022Work in process, January 1Direct materials$ 18,400Raw materials inventory, January 1$ 16,700Raw materials purchases152,500Total raw materials available for use169,200Less: Raw materials inventory, December 3122,800Direct materials used$146,400*Direct labor175,600Manufacturing overheadIndirect labor14,300Factory repairs0010,100Factory utilities9,440Factory depreciation13+F12F11F10F8F7F5*F4&-DF2F3F17.4.2

Name: Jane Neff believes that the cost of good manufactured schedule in job
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Description: Jane Neff believes that the cost of good manufactured schedule in job order cost accounting is the same as below. Is Jane correct ? 8.242%23Factory utilities10,100Factory depreciation9,440Factory insurance8,360Total manufacturing overhead54,800Total

Job order costing system is one of the costing system which helps in accumulation and assignment of…

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Accounting

Jane Neff believes that the cost of good manufactured schedule in job order cost accounting is the same as below. Is Jane correct ?

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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Question Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs Materials 28,350 46,800 Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of…