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Betty's Holiday Styles has been busy in the month of November! It seems Betty's marketing efforts have paid off, as she has answere many calls to help decorate homes for the upcoming holidays. The company carries an inventory of decorative items in its store and then installs them in creative and fun ways. The MOH costs are fairly low, since the company has just a small space to hold the

Betty's Holiday Styles has been busy in the month of November! It seems Betty's marketing efforts have paid off, as she has answere many calls to help decorate homes for the upcoming holidays. The company carries an inventory of decorative items in its store and then installs them in creative and fun ways. The MOH costs are fairly low, since the company has just a small space to hold the

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.10MCP: Comparison of Inventory Costing Methods—Periodic System Bitten Companys inventory records show 600...
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Determine the company's total cost of goods completed and COGS in December. Total cost of goods completed and COGS 69 eTextbook and Media Save for Later Attempts: 0 of 2 used Submit Answer (d1) How much gross margin did the company earn in December? (Round percentage answer to 2 decimal places, e.g. 52.75%.) Gross margin Gross margin percentage $ % If Betty had a goal of earning a 35% gross margin, did she reach her goal? .she eTextbook and Media Save for Later ✓ reach her goal, because % is than her goal of 35%. Attempts: 0 of 2 used Submit Answer
Transcribed Image Text:Determine the company's total cost of goods completed and COGS in December. Total cost of goods completed and COGS 69 eTextbook and Media Save for Later Attempts: 0 of 2 used Submit Answer (d1) How much gross margin did the company earn in December? (Round percentage answer to 2 decimal places, e.g. 52.75%.) Gross margin Gross margin percentage $ % If Betty had a goal of earning a 35% gross margin, did she reach her goal? .she eTextbook and Media Save for Later ✓ reach her goal, because % is than her goal of 35%. Attempts: 0 of 2 used Submit Answer
Betty's Holiday Styles has been busy in the month of November! It seems Betty's marketing efforts have paid off, as she has answered many calls to help decorate homes for the upcoming holidays. The company carries an inventory of decorative items in its store and then installs them in creative and fun ways. The MOH costs are fairly low, since the company has just a small space to hold the inventory. The applied MOH rate is $10 per direct labor hour. As of November 30, the company carries the following balances in its inventory accounts. DM Inventory $6,900 WIP Inventory 8,650 FG Inventory 0 During December, the following events occurred. 1. Purchased direct materials costing $15,400 on account. 2. Used $20,000 of direct materials for jobs. 3. Paid direct labor wages for 134 hours of labor ($25/hr). 4. Applied MOH cost to jobs. 5. Actually incurred $2,800 in MOH costs. 6. Completed all jobs by the end of the month. 7. Billed clients $45,600 for jobs completed. 8. Closed under- or overapplied MOH using the direct write-off method.
Transcribed Image Text:Betty's Holiday Styles has been busy in the month of November! It seems Betty's marketing efforts have paid off, as she has answered many calls to help decorate homes for the upcoming holidays. The company carries an inventory of decorative items in its store and then installs them in creative and fun ways. The MOH costs are fairly low, since the company has just a small space to hold the inventory. The applied MOH rate is $10 per direct labor hour. As of November 30, the company carries the following balances in its inventory accounts. DM Inventory $6,900 WIP Inventory 8,650 FG Inventory 0 During December, the following events occurred. 1. Purchased direct materials costing $15,400 on account. 2. Used $20,000 of direct materials for jobs. 3. Paid direct labor wages for 134 hours of labor ($25/hr). 4. Applied MOH cost to jobs. 5. Actually incurred $2,800 in MOH costs. 6. Completed all jobs by the end of the month. 7. Billed clients $45,600 for jobs completed. 8. Closed under- or overapplied MOH using the direct write-off method.
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