Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fun Corp makes playgrounds for schools and day care centers. At the end of May, the total ending balance of work in process inventory account

Fun Corp makes playgrounds for schools and day care centers. At the end of May, the total ending balance of work in process inventory account was $14,670 comprising of three unfinished jobs, Job# 56 with $4,200 in materials and 15 hours worked; job # 58 with $6,470 in materials and 18 hours worked; and last it had job #61 with $1,540 in materials and 8 hours worked. The total of cost of goods sold for the month was $15,330. The company had no inventory left in the finished goods account. Fun pays its workers $20 an hour and overhead is 200% of total labor cost paid. Manufacturing overhead for May was overallocated by $1,200. What is the adjusted ending balance for Job #58 if the overallocated amount is disposed of by prorating using ending balances?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic And Investigative Accounting

Authors: Crumbley D. Larry, Fenton Edmund D., Jr. Smith G. Stevenson

9th Edition

0808053221, 9780808053224

More Books

Students also viewed these Accounting questions

Question

7. What are the main provisions of the FMLA?

Answered: 1 week ago

Question

2. Do small companies need to develop a pay plan? Why or why not?

Answered: 1 week ago