24th Edition

ISBN: 9781307417692

Author: Wild

Publisher: MCG/CREATE

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Chapter 19, Problem 12E

Exercise 19-12 Analyzing costs assigned to work in process P3

Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows Page 713 the following.

Chapter 19, Problem 12E, Exercise 19-12 Analyzing costs assigned to work in process P3 Lorenzo Company applies overhead to

1. Determine the predetermined overhead rate used (based on direct materials cost).
2. Only one job remained in work in process inventory at December 31. Its direct materials cost is S30.000. How much direct labor cost and overhead cost are assigned to this job?

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Chapter 19, Problem 11E

Chapter 19, Problem 13E

Chapter 19 Solutions

FUND. ACCOUNTING PRINCIPLES >CUSTOM<

Ch. 19 - Prob. 1DQ Ch. 19 - Some companies use labor cost to apply factory...Ch. 19 - Prob. 3DQ Ch. 19 - In a job order costing system, what records serve...Ch. 19 - What journal entry is recorded when a materials...Ch. 19 - Prob. 6DQ Ch. 19 - Google uses a "time ticket" for some employees....Ch. 19 - What events cause debits to be recorded in the...Ch. 19 - Prob. 9DQ Ch. 19 - Assume that Apple produces a batch of 1,000...

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Analyzing manufacturing cost accounts Fire Rock Company manufactures Designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June: In addition, the following information is available: a . Materials and direct labor were applied to the following jobs in June: b. factory overhead is applied to each job at a rate of 140% of direct labor cost c. The June 1 Work in Process balance consisted of two job as follows: Job No. Style Work In Process, June 1 201 T100 16,500 202 T200 44,000 Total 60,500 d. Customer jobs completed and units sold in June were as follows: Instructions 1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings: 2. Determine the June 50 balances for each of the inventory accounts and factor overhead.

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