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Chapter 17: Q6SE (page 940)

Job 303 includes direct materials costs of \(550 and direct labor costs of \)400. If the predetermined overhead allocation rate is 40% of direct labor cost, what is the total cost assigned to Job 303?

Short Answer

Expert verified

The total cost assigned to job 303 is $950.

Step by step solution

01

Allocated Direct labor cost

02

Total cost assigned to job 303

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Most popular questions from this chapter

Question: The following information pertains to Smith Company for the year:

Estimated manufacturing overhead

\(500,000

Actual manufacturing overhead

\)550,000

Estimated direct labor hours

10,000 hours

Actual direct labor hours

10,500 hours

13. Calculate the predetermined overhead allocation rate using direct labor hours as the allocation base.

14. Determine the amount of overhead allocated during the year. Record the journal entry.

15. Determine the amount of underallocated or overallocated overhead. Record the journal entry to adjust Manufacturing

Overhead.

June production generated the following activity in Bentley Chassis Company’s Work-in-Process Inventory account:

June 1 balance

\(36,000

Direct materials used

32,000

Direct labor assigned to jobs

40,000

Manufacturing overhead allocated to jobs

28,000

Additionally, Bentley Chassis has completed Jobs 142 and 143, with total costs of\)37,000 and $48,000, respectively.

Requirements

2. Open a T-account for Work-in-Process Inventory. Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventoryaccount on June 30.

Following is a list of cost system characteristics and sample companies. Match each to either job order costing or process costing.

d. Companies that produce large numbers of identical products.

Back Country manufactures backpacks. Its plant records include the following materials-related data

Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.

Following is a list of cost system characteristics and sample companies. Match each to either job order costing or process costing.

i. A company that makes large quantities of one type of tankless hot water heaters.
See all solutions

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