Question
I need detailed help with steps and answer, not just a answer choice. Also, I am posting multiple parts, because my dad is in hospital
I need detailed help with steps and answer, not just a answer choice. Also, I am posting multiple parts, because my dad is in hospital and I cannot afford separate questions. I will immediately give best answer to whoever answers.
Kirk Manufacturing Company uses a job-order costing system. At the beginning of April, Kirk only had one job in process, Job #898. The job was finished during April by incurring additional direct costs of $350 for materials and $700 for labor. Also during April, Job #899 was started and finished. The direct costs assigned to this job were $1,200 for materials and $950 for labor. Job #900 was started during April but was not finished by the end of the month. The direct costs assigned to this job were $820 for materials and $540 for labor. Kirk applies manufacturing overhead to its products at a rate of 300% of direct labor cost. Kirk's cost of goods manufactured was $14,570. What was Kirk's work in process inventory balance at the beginning of April ?
A) $3,440 B) $6,420 C) $6,590 D) $9,570
2. Meyers Company had the following inventory balances at the beginning and end of November :
Raw Materials : November 1st : $17,000 November 30th : $20,000
Finished Goods : November 1st : $50,000 November 30th : $44,000
Work In Process : November 1st : $9,000 November 30th : $11,000
During November, $39,000 in Raw Materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $8 per direct labor hour, and it paid direct labor workers $10 per hour. A total of 300 hours of direct labor time had been spent on the jobs in beginning work in process inventory account. The ending work in process inventory account contained $4,700 of direct materials cost. The company incurred $28,000 of actual manufacturing overhead cost during the month and applied $26,400 in manufacturing overhead cost.
Q1) The raw materials purchased during November totaled ?
A) $42,000 B) $45,000 C) $36,000 D) $39,000
Q2) The direct materials cost in the November 1 work in process inventory totaled ?
A) $6,600 B) $6,000 C) $3,600 D) $3,000
Q3) The actual direct labor hours during November totaled ?
A) 2,800 hours B) 3,300 hours C) 3,500 hours D) 3,600 hours
Q4) The amount of direct labor cost in the November 30 Work In Process Inventory Totaled ?
A) $2,800 B) $3,300 C) $3,500 D) $6,300
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