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Determining manufacturing costs Wagner Printing Inc. began printing operations on July I. Jobs 7-01 and 7-02 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 7-03 and 7-04 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $2,000 of indirect materials and $1,650 of indirect labor were used during the month. The cost sheets, in summary form, for the four jobs during the month are as follows: Determine each of the following for July: a. Direct and indirect materials used. b.Direct and indirect labor used. c. Factory overhead applied (a single overhead rate is used based on direct labor cost). d.Cost of completed Jobs 7-01 and 7-02. e.Assume that in addition to indirect materials and indirect labor, factory overhead of $1,500 was incurred during July. Determine the overapplied or underapplied overhead for March.

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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883
BuyFind

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883

Solutions

Chapter
Section
Chapter 10, Problem 10.18E
Textbook Problem

Determining manufacturing costs
Wagner Printing Inc. began printing operations on July I. Jobs 7-01 and 7-02 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 7-03 and 7-04 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $2,000 of indirect materials and $1,650 of indirect labor were used during the month. The cost sheets, in summary form, for the four jobs during the month are as follows:

Chapter 10, Problem 10.18E, Determining manufacturing costs Wagner Printing Inc. began printing operations on July I. Jobs 7-01
Determine each of the following for July:
a. Direct and indirect materials used.
b.Direct and indirect labor used.
c. Factory overhead applied (a single overhead rate is used based on direct labor cost).
d.Cost of completed Jobs 7-01 and 7-02.
e.Assume that in addition to indirect materials and indirect labor, factory overhead of $1,500 was incurred during July. Determine the overapplied or underapplied overhead for March.

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Chapter 10 Solutions

Survey of Accounting (Accounting I)
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