Renaissance Gallery converts photographs to portraits via a tedious hand painting process. Costs are tracked for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Renaissance Gallery converts photographs to portraits via a tedious hand painting process. Costs are tracked for each painting, with gallery overhead being applied at 125% of direct labor cost. Renaissance Gallery began June with one job in process. This job related to the Price Wedding photo, and beginning work in process included total costs of $14,400 (direct labor, direct material, and applied overhead). During June, four new jobs were begun. These consisted of the Ramirez family portrait, the Oberweiss.farm photo, the Ravenwood big fish picture, and the Zhang baby picture. The only job remaining in process at the end of June was the Ravenwood big fish picture. To date. $13,000 in direct labor and $3,500 of direct materials had been committed to the Ravenwood job. Total direct labor incurred on all jobs during June was $60,900. Total direct material incurred on all jobs during June was $11.700. What is the ending work in process inventory balance? What is the total cost assigned to the finished jobs? Renaissance Gallery converts photographs to portraits via a tedious hand painting process. Costs are tracked for each painting, with gallery overhead being applied at 125% of direct labor cost. Renaissance Gallery began June with one job in process. This job related to the Price Wedding photo, and beginning work in process included total costs of $14,400 (direct labor, direct material, and applied overhead). During June, four new jobs were begun. These consisted of the Ramirez family portrait, the Oberweiss.farm photo, the Ravenwood big fish picture, and the Zhang baby picture. The only job remaining in process at the end of June was the Ravenwood big fish picture. To date. $13,000 in direct labor and $3,500 of direct materials had been committed to the Ravenwood job. Total direct labor incurred on all jobs during June was $60,900. Total direct material incurred on all jobs during June was $11.700. What is the ending work in process inventory balance? What is the total cost assigned to the finished jobs?
Expert Answer:
Answer rating: 100% (QA)
To find the ending work in process WIP inventory balance we need to calculate the costs incurred for ... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
Students also viewed these accounting questions
-
46. Consider the functions Find the following limits: x + sin x, for x>0 f(x) = 0, for x = 0 -x + cos x, for x <0 g(x) = x, for any x = R. f(x) (a) lim x+0+ g(x)' (b) lim f(x) x400 g(x)' f(x) (c) lim...
-
Imagine you are about to set up a Food Bank in a small town. You have limited space to store food. As part of this process, you are going to solicit local businesses to help stock your facility. You...
-
Recall that unit costs include direct materials, direct labor, and overhead. The costs for direct materials and direct labor are incurred throughout the period. However, overhead costs may not...
-
Why should one-time write-offs of fixed capital be used in absorption cost systems?
-
How high would the level be in an alcohol barometer at normal atmospheric pressure?
-
The maximum allowable value of each of the reactions is 360 N. Neglecting the weight of the beam, determine the range of values of the distance d for which the beam is safe. 300 N 100 N 200 N B. 900...
-
Segregation of duties is essential to good internal control. Increasingly, computer systems automatically authorize and record transactions, such as generating pur chase orders whenever the quantity...
-
The block diagram of a conventional feedback control system contains the following transfer functions: (a) Plot the Bode diagram for the open-loop transfer function. (b) For what values of K is the...
-
Park Inc. has recently paid its shareholders an annual dividend of $ 4 . 5 0 and plans to increase the dividend annually by 3 % . If the shares sell for $ 4 5 per share, what is Park Inc. ' s cost of...
-
Alexander Smith and his wife Allison are married and file a joint tax return for 2019. The Smiths live at 1234 Buena Vista Drive, Orlando, FL 32830. Alexander is a commuter airline pilot but took 6...
-
Steve's friends are amazed at his skill in playing Dungeons and Dragons and his willingness to teach others how to win at the game. His friends urged him to start a blog, create a podcast, or do...
-
The research investigates the relation of happiness, work-life balance and employee performance in pharmaceutical industries. Work-life balance improves the quality of life of employees and the...
-
In the field of sports, what are some case studies that highlight the role of motivation in achieving extraordinary athletic performances?
-
The time-harmonic magnetic field in a half-space region - < x, y < , z < 0 with constitutive parameters (0, 0) is given as H = Ho (e-ko (2 sindo+zcosto) + e-jko(zsinfo-z cos do)) where Ho is a...
-
1. On 4/13/21 Morgan Stanley (MS) is priced at $79.70 and you wish to value the 9/17/21 (157 days) 0.2% and a $0.35 dividend will be paid = 27.9%. Over that period, r = K = $80 call option with o =...
-
What documentation needs to be completed to appropriately record the assessments, activities and events described in relation to Jun-Weis care? List at least four assessments, activities or events,...
-
For the year ended December 31, 2025, the job cost sheets of Pharoah Company contained the following data. Job Direct Number Explanation Materials Direct Labor Manufacturing Overhead Total Costs 7640...
-
State whether each statement is true or false. If false, give a reason. {purple, green, yellow} = {green, pink, yellow}
-
Kade Corporation is considering the purchase of a new piece of equipment. The equipment will cost $135,000 and is expected to have a useful life of five years. The gross cash flow savings is...
-
Sperry Space and Aeronautics is a research and development firm that contracts with the government to design specialized equipment for use in the NASA space shuttle program. Its income statements and...
-
Refer the data in PE 14-26. Compute the times interest earned ratio. Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
Can you think of three business decisions for which managers would need accounting information?
-
In multi-output linear regression, the response variable is a real-valued vector of dimension, say, \(m\). Similar to (5.8), the model can be written in matrix notation: \[ \mathbf{Y}=\mathbf{X...
-
Consider again Example5.10, where we train the learner via the Newton iteration (5.39). If \(\mathbf{X}^{\top}:=\left[x_{1}, \ldots, \boldsymbol{x}_{n} ight]\) defines the matrix of predictors and...
Study smarter with the SolutionInn App