Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lorenzo company applies overhead to jobs on the basis of direct materials cost. At year end the work in process inventory account shows the following

Lorenzo company applies overhead to jobs on the basis of direct materials cost. At year end the work in process inventory account shows the following

Debit.

dec31 direct material costs 1600,00

dec 31 direct labor costs. 270,000

dec 31 over head applied 560,000

balance 1,600,000 direct material

1,870,000 direct labor cost

2,430,000 overhead applied

finish goods Credit 2,359,000 balance of 71,000

only one job remains in work in process inventory at dec 31 it's direct materials cost is 26,000 how much direct labor cost overhead cost are assigned to this job ??

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

Accounting Principles

Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt

IFRS global edition

1-119-41959-4, 470534796, 9780470534793, 9781119419594 , 978-1119419617

More Books

Students also viewed these Accounting questions

Question

1. Empirical or factual information,

Answered: 1 week ago

Question

1. To take in the necessary information,

Answered: 1 week ago