Answered step by step
Verified Expert Solution
Question
1 Approved Answer
answers are provided so please show me work and how to get the answer ACCT 3313 Exam H2 Review 1. Murphy furniture Company uses a
answers are provided so please show me work and how to get the answer
ACCT 3313 Exam H2 Review 1. Murphy furniture Company uses a job-order cost system. The following debits (credits) appeared in the Work-in-Process account for February 2020: Murphy allocates overhead to production at a predetermined rate of 75%, based on direct labor cost. Job 1000 , the only job still in process at the end of February, has been charged with direct labor of $30,000 and direct materials of $32,500. Murphy's Manufacturing Overhead Control account showed a debit balance of $35,000 at the end of February 2020. sequired: a. What is the total amount of manufacturing overhead applied to WIP Inventory for February? \$45,000 b. What is the total manufacturing costs for Job 1000 ? 585,000 c. Calculate the balance in WIP Inventory at the end of February. 585,000 d. Was overhead under- or over-applied for February and by how much? Over-applied by $10,000 c. Assume that Murphy closes its Manufacturing Overhead accounts each month. Murphy does not prorate the manufacturing overhead variance, but writes it off to cost of goods sold. Prepare the entry to close the overhead accounts at the end of February Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started