Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with inventory cost flows question A and B company's predetermined overhead rate. (1. Assume that job 4375 required 140 machine hours to

I need help with inventory cost flows question A and B

image text in transcribed
company's predetermined overhead rate. (1. Assume that job 4375 required 140 machine hours to complete. How much manufacturing overhead should be applied to the job? 4.13 (L0 3, 4) Inventory cost ows Furr Fabricators produces protective covers for smart phones. Since the covers must be customized to each smart phone model, Furr uses a job order costing system. On September 1, the company reported the following inventory balances: Direct Materials $ 3,500 - - Finished Goods $53,200 During September, the following events occurred: 1. Furr purchased direct materials costing $372,000 on account. 2. Furr used $364,000 in direct materials in production. 3. Furr's employees clocked 20,000 direct labor hours at an average wage rate of $15.00 per direct labor hour. 4. The company incurred $428,000 in manufacturing overhead, including $77,200 in indirect labor costs. 5. Using direct labor hours as the application base, the company applied $420,000 of manufacturing overhead to jobs worked on in September. 6. The company completed production on jobs costing $1,040,000. 7- The company delivered jobs costing $990,000 to customers. Required a. Calculate the ending September balance of the Direct Materials, Work in Process, and Finished Goods Inventory accounts. b. Calculate total manufacturing costs for September. 4.14 (L0 3, 4)W T

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

Intermediate Accounting Volume 2

Authors: Thomas Beechy, Joan Conrod, Elizabeth Farrell, Ingrid McLeod-Dick

6th Edition

1259105482, 9780071338820

More Books

Students also viewed these Accounting questions

Question

Are all expenditures encumbered?

Answered: 1 week ago