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Merideth Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Merideth for 2020 are as follows: (Click the icon
Merideth Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Merideth for 2020 are as follows: (Click the icon to view the T-accounts.) (Click the icon to view the additional information.) Read the requirements. Requirement 1. What was the amount of direct materials issued to production during 2020 ? Direct materials issued to production during 2020 was Requirement 2. What was the amount of manufacturing overhead allocated to jobs during 2020? First identify the formula to calculate the manufacturing overhead allocated. Direct manufacturing labor hours Manufacturing overhead rate = Manufacturing overhead allocated Manufacturing overhead allocated to jobs during 2020 was Requirement 3. What was the total cost of jobs completed during 2020? The total cost of jobs completed during 2020 was Requirement 4. What was the balance of work-in-process inventory on December 31, 2020? Post the entries during the year in the Work-in-process control account to determine the ending balance on December 31, 2020. Be sure to select reference labels for each of the entries. More Info a. Direct manufacturing labor wage rate was $15 per hour. b. Manufacturing overhead was allocated at $19 per direct manufacturing labor-hour. c. During the year, sales revenues were $1,020,000, and marketing and distribution costs were $126,000. T-accounts
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