Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Dustin Corporation uses a job-order costing system and a predetermined overhead rate based on labor hours worked. On October 1, the following information was
Dustin Corporation uses a job-order costing system and a predetermined overhead rate based on labor hours worked. On October 1, the following information was reported for jobs still in process at the end of September: Job 301 Job 302 Machine hours used 140 200 Labor hours worked 70 100 Material cost $1,050 $2,200 Direct labor cost $ 770 $1,100 Overhead applied $875 $1,250 Costs added and production information for the month of October are as follows: Job 301 Job 302 Job 303 Total Material cost $2,695 $4,130 $5,820 $12,645 Direct labor cost $2,420 $2,156 $3,850 $8,426 Machine hours used 325 415 685 1,425 Labor hours worked 220 196 350 766 Indirect production costs incurred during October included charges for depreciation ($1,350), indirect labor ($920), indirect materials ($870), and other factory costs ($5,350). Dustin completed Job No. 302 and Job No. 303 during October. Job No. 302 was sold in October. What is the cost of goods manufactured for October? Answer:
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