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just need question 6 and 7 answered. needs to be in control accounting. a. Basic Job Costing Project Reed Incorporated uses a job-order costing system
just need question 6 and 7 answered. needs to be in control accounting.
a. Basic Job Costing Project Reed Incorporated uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year would be $240,000 and machine hours would be 8,000. The following information pertains to December of the current year: Job 10 Job 11 Job 12 Total Work-in-process, Dec. 1 $16,000 $26,000 $38.000 $80,000 The following transactions took place during the month of December: 1. Purchased raw materials for $45,000 on credit: 2. Requisitioned and used direct materials for the three jobs: $4,000 for Job 10 b. $4,800 for Job 11 $7,200 for Job 12 3. Used indirect materials worth $20,000 4. Incurred direct labor costs as follows: a $2,400 for Job 10 b. $3,600 for Job 11 c. $4,000 for Job 12 5. Incurred $30,000 worth of indirect manufacturing labor costs. 6. Depreciation on manufacturing plant and equipment $21,000. 7. During the month of December, the company used the following direct labor hours and machine hours for the three jobs: lob 10 lob 11 lob 12 Total 400 Machine hours 700 900 2,000 120 180 200 Labor hours 500 c. 6. 7. 8. What is the cost assigned to ending work in process (control account)? What is the cost assigned to ending finished goods (control account)? How much was manufacturing overhead over/underapplied Step by Step Solution
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