Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis of direct materials cost. At year end, the Work in Process Inventory account shows the following Date Explanation Debit Credit Balance 2017 Dec. 31 Direct materials cost 1,900,000 1,900,000 31 Direct labor cost 270,000 2,170,000 31 Overhead applied 855,000 3,025, eee 31 To finished goods 2,939,800 87,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work in process inventory at December 31, 2017. Its direct materials cost is $31,000. How much direct labor cost and overhead cost are assigned to this job? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the predetermined overhead rate used (based on direct material cost). Overhead Rate WORK 1. Determine the predetermined overhead rate used (based on direct materials cost), 2. Only one job remained in work in process inventory at December 31, 2017 Its direct materials cost is $31.000. How much direct labor cost and overhead cost are assigned to this job? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the predetermined overhead rate used (based on direct material cost). Choose Numerator: Overhead Rate Choose Denominator: Overhead Rate Overhead rate HEHEHE Required 2 > Check my 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work in process inventory at December 31, 2017 Its direct materials cost is $31.000. How much direct labor cost and overhead cost are assigned to this job? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Only one job remained in work in process inventory at December 31, 2017. Its direct materials cost is $31.000. How much direct labor cost and overhead cost are assigned to this job? Total cost of job in process Direct labor cost 1. Determine the predetermined overhead rate for 2017 283. Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Reg 4 Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or unde applied. Factory Overhead Pend Req 1 Req 2 and 3 Reg 4 Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet
