Question
Meyers Corporation had the following inventory balances at the beginning and end of November: November 1 November 30 Raw Materials $ 72,000 $ 28,000 Finished
Meyers Corporation had the following inventory balances at the beginning and end of November:
November 1 | November 30 | ||||
Raw Materials | $ | 72,000 | $ | 28,000 | |
Finished Goods | $ | 198,000 | $ | 135,000 | |
Work in Process | $ | 41,000 | $ | 45,000 | |
During November, $153,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $9 per direct labor-hour, and it paid its direct labor workers $14 per hour. A total of 900 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $18,000 of direct materials cost. The Corporation incurred $108,000 of actual manufacturing overhead cost during the month and applied $99,000 in manufacturing overhead cost. |
The actual direct labor-hours worked during November totaled: (Round your answers to the nearest dollar.) |
7,714 hours
11,000 hours
7,071 hours
12,000 hours
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started