FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Tasty Bakery applies overhead based on direct labor costs. The company reports the following costs for the year: direct materials,
$710,000; direct labor, $3,600,000; and overhead applied, $2,520,000.
1. Determine the company's predetermined overhead rate for the year.
2. The ending balance of its Work in Process Inventory account was $77,000, which included $26,000 of direct labor costs.
Determine the direct materials costs in ending Work in Process Inventory.
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Transcribed Image Text:Tasty Bakery applies overhead based on direct labor costs. The company reports the following costs for the year: direct materials, $710,000; direct labor, $3,600,000; and overhead applied, $2,520,000. 1. Determine the company's predetermined overhead rate for the year. 2. The ending balance of its Work in Process Inventory account was $77,000, which included $26,000 of direct labor costs. Determine the direct materials costs in ending Work in Process Inventory.
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