Selected accounts with some amounts omitted are as follows: Work in Process Date Transaction Debit amount Date Transaction Credit amount Aug. 1 Balance 279, 100 Aug. 31 Goods finished 190, 700 31 Direct materials X 31 Direct labor 47, 400 31 Factory overhead X Factory Overhead Date Transaction Debit amount Date Transaction Credit amount Aug. 1-31 Costs incurred 113,000 Aug. 1 Balance 12,100 31 Applied X If the balance of Work in Process on August 31 is $196, 400, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a. $190, 700 b. $12, 100 c. $113, 000 d. $14, 220

Selected accounts with some amounts omitted are as follows: Work in Process Date Transaction Debit amount Date Transaction Credit amount Aug. 1 Balance 279, 100 Aug. 31 Goods finished 190, 700 31 Direct materials X 31 Direct labor 47, 400 31 Factory overhead X Factory Overhead Date Transaction Debit amount Date Transaction Credit amount Aug. 1-31 Costs incurred 113,000 Aug. 1 Balance 12,100 31 Applied X If the balance of Work in Process on August 31 is $196, 400, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a. $190, 700 b. $12, 100 c. $113, 000 d. $14, 220

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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pp. Subject :- Accounting
I think I'm doing this wrong but for unfinished jobs do I not add materials, labor, and overhead and the subtract the completed jobs from it?
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Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,000 Apr. 30 Goods finished X 30 Direct materials 61,300 30 Direct labor 190,800 30 Factory overhead 57,240 Finished Goods Apr. 1 Balance 16,000 30 Goods finished 307,800 What was the balance of Work in Process as of April 30?
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Selected accounts with some amounts omitted are as follows: Work in Process Date Transaction Debit amount Date Transaction Credit amount Aug. 1 Balance 279, 100 Aug. 31 Goods finished 190, 700 31 Direct materials X 31 Direct labor 47, 400 31 Factory overhead X Factory Overhead Date Transaction Debit amount Date Transaction Credit amount Aug. 1-31 Costs incurred 113,000 Aug. 1 Balance 12, 100 31 Applied X If the balance of Work in Process on August 31 is $196, 400, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a. $190, 700 b. $12, 100 c. $113, 000 d. $14, 220
Subject :- Account
Selected accounts with some amounts omitted are as follows: Work in Process Aug. 1 Balance 260,440 Aug. 31 Goods finished 164,150 31 Direct materials X 31 Direct labor 34,700 31 Factory overhead Factory Overhead Aug. 1-31 Costs incurred 97,500 Aug. 1 31 Balance Applied (30% of direct labor cost) 13,840 X If the balance of Work in Process on August 31 is $208,070, what was the amount debited to Work in Process for direct materials in August? a. $339,060 b. $87,070 c. $66,670 Od. $503,210
The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Beginning Balance 4,800 5,000 Credit 8,600 Work in Process Debit Credit Beginning Balance 3,900 22,000 6,000 8,300 8,100 Finished Goods Debit Credit Beginning Balance 2,000 22,000 20,200 Manufacturing Overhead Debit 2,600 3,300 3,000 Wages & Salaries Payable Credit 8,100 Debit Credit 20,200 Beginning Balance 2,300 11,600 Cost of Goods Sold Debit Credit 20,200 The direct labor cost was: Multiple Choice $11,300 O $12,500 $8,300 $20,200
Selected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 23,400 Oct. 31 Finished goods X 31 Direct materials 93,800 31 Direct labor 170,200 31 Factory overhead X Finished Goods Oct. 1 Balance 13,700 31 Goods finished 326,600 If the balance of Work in Process on October 31 is $207,600, what was the amount of factory overhead applied in October? a.$246,800 b.$401,200 c.$93,800 d.$170,200
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