A company uses a job costing system and applies overhead to jobs using a predetermined overhead...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company uses a job costing system and applies overhead to jobs using a predetermined overhead rate based on direct labor-hours. The company had the following inventories at the beginning and end of March: March 1 Direct Materials $30,000 Work in Process $12,000 Finished Goods $54,000 The following additional data pertain to operations during March: Direct materials purchased Direct labor cost Direct labor rate Overhead rate March 31 $36,000 $18,000 $72,000 Choose... $ 84,000 $ 60,000 $7.5 per direct labor hour $10 per direct labor hour The Cost of Goods Manufactured for March was: A company uses a job costing system and applies overhead to jobs using a predetermined overhead rate based on direct labor-hours. The company had the following inventories at the beginning and end of March: March 1 Direct Materials $30,000 Work in Process $12,000 Finished Goods $54,000 The following additional data pertain to operations during March: Direct materials purchased Direct labor cost Direct labor rate Overhead rate March 31 $36,000 $18,000 $72,000 Choose... $ 84,000 $ 60,000 $7.5 per direct labor hour $10 per direct labor hour The Cost of Goods Manufactured for March was:
Expert Answer:
Answer rating: 100% (QA)
To determine the Cost of Goods Manufactured COGM for March you will need to follow a few steps The COGM represents the total manufacturing costs of al... View the full answer
Related Book For
Cost Accounting Foundations and Evolutions
ISBN: 978-1111626822
8th Edition
Authors: Michael R. Kinney, Cecily A. Raiborn
Posted Date:
Students also viewed these accounting questions
-
5. [-/10 Points] DETAILS DEVORESTAT9 5.1.018. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER A service station has both self-service and full-service islands. On each island, there is a single regular...
-
Insides, an interior decorating firm, uses a job order costing system and applies overhead to jobs using a predetermined rate of $17 per direct labor hour. On June 1, 2010, Job #918 was the only job...
-
The Pacific Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. In computing an overhead rate for the year, the companys...
-
Problem 10 The Solow Growth Model is an exogenous model of economic growth that analyzes changes in the level of output in an economy over time as a result of changes in the population growth rate,...
-
The manager of a local soft-drink bottling company believes that when a new beverage-dispensing machine is set to dispense 7 ounces, it in fact] dispenses an amount x at random anywhere between 65...
-
A Carnot refrigerator operates between reservoirs at -20C and 50C in a 25C room. The refrigerator is a 40 cm 40 cm 40 cm box. Five of the walls are perfect insulators, but the sixth is a...
-
Inferring Transactions from Statement of Financial Position Changes Each of the following statement of financial position changes is associated with a particular transaction: YOUDECIDE a. Cash...
-
Jonfran Company manufactures three different models of paper shredders including the waste container, which serves as the base. While the shredder heads are different for all three models, the waste...
-
ork 4.1-4.3 Question 25, 4.3.34-Setup & Solve HW Score: 94.59%, 35 of 3 Part 2 of 2 Points: 0 of 1 Find the intervals on which f is increasing and the intervals on which it is decreasing. f(x)= - 4...
-
Ben Derby is a highly paid scout for a professional baseball team. He attends at least five or six Major League Baseball games a week and watches as many recorded games as he can in order to evaluate...
-
An investor buys shares of a company for $59.85 on October 15th with the intent to hold it for 1 year. The dividend rate is $2.00 per year. The investor sells the shares for $61.25 on November 15th....
-
Explain the concept of virtual memory management in modern operating systems, detailing the role of page tables, TLBs (Translation Lookaside Buffers), and demand paging in optimizing memory usage and...
-
You have a box that is divided in two sections: one section contains 1 mole of a monatomic gas at 10 C and the other section contains 3 moles of a diatomic gas at 30 C. The partition between the...
-
find an online article about social media and privacy OR social media and free speech. First, identify the website where your source was found, and evaluate it according to the following criteria:...
-
The Outback Spectacular show has a shop that sells cowboy style jackets. It has spent $33,000 to purchase 3,000 jackets. Due to changing fashions, they have not been able to sell the jackets at the...
-
K is a small organisation which makes plastic toys. The company was very recently formed by Mr V . Mr V is a skilled entrepreneur with many years of experience in the industry. The toy industry is...
-
The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2022. The accounting department of Thompson has started the fixed-asset and depreciation schedule presented...
-
What did Lennox gain by integrating their WMS, TMS, and labor management systems?
-
Pet Palace provides two types of services to dog owners: grooming and training. All company personnel can perform each service equally well. To expand sales and market share, Pet Palace's manager,...
-
Idaho Mechanical Systems has two departments: Fabrication and Finishing. Three workers oversee the 25 machines in Fabrication. Finishing uses 35 crafters to hand-polish output, which is then run...
-
How can the variance information provided by standard costing be used to improve cost control?
-
The trial balance for Financial Strategies Service, Inc., on December 31 is presented on the following page. e. The services for all unearned tax fees had been performed by the end of the year. f....
-
How might knowledge of economies of scale and growth relationships among competitors assist managers in strategic planning efforts?
-
Why might managers want to know which competitors are creating jobs, which are eliminating jobs, and over what type of time frame?
Study smarter with the SolutionInn App