IRONEE Corporation had the following inventory balances at the beginning and end of May: Raw materials...
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IRONEE Corporation had the following inventory balances at the beginning and end of May: Raw materials Finished Goods May 1 May 30 $25,500 $30,000 $75,000 $66,000 Work in Process $16,500 $ 23,500 During May, $58,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor- hour, and it paid its direct labor workers $15 per hour. A total of 300 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The beginning Work in Process inventory account contained $7,050 of direct materials cost. The Corporation incurred $42,000 of actual manufacturing overhead cost during the month and applied $39,600 in manufacturing overhead cost. The amount of direct labor cost in the May 1 Work in Process inventory was: IRONEE Corporation had the following inventory balances at the beginning and end of May: Raw materials Finished Goods May 1 May 30 $25,500 $30,000 $75,000 $66,000 Work in Process $16,500 $ 23,500 During May, $58,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor- hour, and it paid its direct labor workers $15 per hour. A total of 300 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The beginning Work in Process inventory account contained $7,050 of direct materials cost. The Corporation incurred $42,000 of actual manufacturing overhead cost during the month and applied $39,600 in manufacturing overhead cost. The amount of direct labor cost in the May 1 Work in Process inventory was:
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1 Raw Materials Beginning Balance May 1 25500 Ending Balance May 30 30000 Raw materials used in prod... View the full answer
Related Book For
Management Accounting
ISBN: 9781760421144
7th Edition
Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton
Posted Date:
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