Wilson Company uses a job order cost accounting system that charges overhead to jobs on the basis
Question:
Wilson Company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material cost. At year-end, the Goods in Process Inventory account show the following.
1. Determine the overhead rate used (based on direct material cost).
2. Only one job remained in the goods in process inventory at December 31, 2009. Its direct materials cost is $40,000. How much direct labor cost and overhead cost are assigned toit?
Transcribed Image Text:
Date Explanation Debit Credit Balance 2009 Dec. 31Direct materials cost 31 Direct labor cost 31 Overhead costs 31 To finished goods 1,200,000 270,000 480,000 1,200,000 1,470,000 1,950,000 90,000 1,860,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (15 reviews)
1 2 Total cost of job in process given 90000 Less ...View the full answer
Answered By
Joan Gakii
I'm a meticulous professional writer with over five years writing experience. My skill set includes
- Digital Content,
- Interpersonal Communication,
- Web Content and academic Writing,
- Proofreading,
- Editing,
- Project Management, and
- Public Relations.
5.00+
7+ Reviews
12+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
Lopez Company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material cost. At year-end, the Goods in Process Inventory account shows the following. 1....
-
Lorenzo Company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material cost. At year-end, the Goods in Process Inventory account shows the following. 1....
-
Canoe Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. Canoe Company's production costs for the year were: direct labor, $30,000; direct...
-
Part A Light has both a wave and a particle nature. Particles have a wave nature as well, and therefore All particles decay with a certain characteristic lifetime. Their position can not be specified...
-
Wing Corporation enters into a lease with Sharda Inc., a lessor, on August 15, 2014, that does not transfer ownership or contain a bargain purchase option. Both Wing and Sharda use IFRS. The lease...
-
Complete the table. 1. f(x) = x2 + 5 2. h(t) = ½ |t + 3| 3. 4. -2 -1 -101 0|12 f(x) -3 -2 -4 -4 -1 -5 h(t)
-
Dooling Stores inventory is destroyed by a fire on September 5, 2005. The following data for year 2005 are available from the accounting records. Estimate the cost of the inventory destroyed. Jan. I...
-
The investment committee of Grid Iron Restaurants Inc. is evaluating two restaurant sites. The sites have different useful lives, but each requires an investment of $565,000. The estimated net cash...
-
MACRS. Florence placed in service the following properties during 2020. Compute Florence's total depreciation expense for 2020, assuming that she elects to expense 50 percent of the qualifying...
-
Le Monde Company is a manufacturer of chemicals for various purposes. One of the processes used by Le Monde produces HTP3, a chemical used in hot tubs and swimming pools; PST4, a chemical used in...
-
In December 2008, Matsushi Electronics' management establishes the year 2009 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that...
-
The following information is available for SafeLife Company, which produces special- order security products and uses a job order cost accounting system. Compute the following amounts for the month...
-
The function graphed in the accompanying figure. a. Does (1) exist? b. Does lim x1 (x) exist? c. Does lim x1 (x) = (1)? d. Is continuous at x = 1? f(x) = x-1, 2x, 1, -2x + 4, 0, -1 x < 0 0 < x < 1 x...
-
Biochemistry involves chemical processes/reactions that occur in living organisms and is the molecular basis of life. How does this differ overall from chemical processes/reactions that can occur...
-
8 Subtract x+5 2 x - 4x-45 State the difference in simplest form.
-
follow the campus class instruction, go to Yahoo finance or CNBC website and do the research of TSLA. Finish the assignment by due time for: 1. Forecasting the 3Q 2023 TSLA Income statement with your...
-
At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $270,000. It is expected to have a five-year life and a $40,000 salvage value. Required a. Compute the depreciation...
-
Breakfast of a peanut butter sandwich with a glass of milk contains 60 grams of carbohydrates, 20 grams of protein, and 10 grams of fat. How much energy (calories) is in this breakfast?
-
A string initially hanging vertically is displaced to the right with a speed of \(25 \mathrm{~m} / \mathrm{s}\) for \(0.040 \mathrm{~s}\), then returned to its original position in \(0.010...
-
In Exercises delete part of the domain so that the function that remains is one-to-one. Find the inverse function of the remaining function and give the domain of the inverse function. f(x) = 16x4 -3...
-
NixIt Companys ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. NixIt uses the perpetual inventory system. Prepare the companys year-end...
-
Access the March 25, 2010, filing of the 10-K report of Home Depot for the year ended January 31, 2010, from www.sec.gov (Ticker: HD). Refer to Home Depots balance sheet, including its note 4 (on...
-
Break into teams and complete the following requirements related to effective interest amortization for a premium bond. 1. Each team member is to independently prepare a blank table with proper...
-
Warren Brown is the founder of Cake Love. Assume that his company currently has $250,000 in equity, and he is considering a $100,000 expansion to meet increased demand. The $100,000 expansion would...
-
Required information Research Case 10-2 (Static) FASB codification; locate and extract relevant information and cite authoritative support for a financial reporting issue; restoration costs; asset...
-
Assets Cash Bowers Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 ($ in thousands) Accounts receivable Short-term investment Inventory Land Buildings and equipment Less:...
-
Dwight Donovan, the president of Franklin Enterprises, is considering two investment opportunities. Because of limited resources, he will be able to invest in only one of them. Project A is to...
Study smarter with the SolutionInn App