A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far: Using the information provided. A. What is the balance in work in process? B. What Is the balance in the finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far: Using the information provided. A. What is the balance in work in process? B. What Is the balance in the finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far:
Using the information provided.
A. What is the balance in work in process?
B. What Is the balance in the finished goods inventory?
C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.
A job cost sheet of Bramble Company is given below.
JOB NO.
ITEM
FOR
Date
7/10
12
15
22
24
27
31
469
Unit cost
White Lion Cages
Todd Company
Direct
Materials
700
900
1,700
1,520
Cost of completed job:
Direct materials
Direct labor
Manufacturing overhead
Total cost
Job Cost Sheet
Quantity
Date Requested
Date Completed
Direct
Labor
600
400
500
2,000
7/2
7/31
Manufacturing
Overhead
720
480
600
Under a job-order costing system, the dollar amount transferred from Work in Process to Finished Goods is the sum of the costs charged to all jobs:
Multiple Choice
A. started in process during the period.
B. in process during the period.
C. completed and sold during the period.
D. completed during the period
Under a job costing system, the dollar amount of the entry involved in the transfer of inventory from work in process to finished goods is the sum of the costs charged to all jobsA. in process during the period.B. completed during the period.C. completed and sold during the period.D. started in process during the period.
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