Question
Meyers Corporation had the following inventory balances at the beginning and end of November: November 1 November 30 Raw Materials $ 16,000 $ 14,000 Finished
Meyers Corporation had the following inventory balances at the beginning and end of November:
November 1 | November 30 | ||||
Raw Materials | $ | 16,000 | $ | 14,000 | |
Finished Goods | $ | 44,000 | $ | 30,000 | |
Work in Process | $ | 4,000 | $ | 10,000 | |
|
During November, $34,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $4 per direct labor-hour, and it paid its direct labor workers $7 per hour. A total of 200 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 $4,000 of direct materials cost. The Corporation incurred $24,000 of actual manufacturing overhead cost during the month and applied $22,000 in manufacturing overhead cost. |
9.
Required information
The direct materials cost in the November 1 Work in Process inventory account totaled: |
$3,200
$1,400
$1,800
$2,600
10.
Required information
The actual direct labor-hours worked during November totaled: (Round your answers to the nearest dollar.) |
3,429 hours
6,000 hours
3,143 hours
5,500 hours
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