Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Oxford Company uses a job order costing system. In the last month, the system accumulated labor time tickets total $24,600 for direct labor and $4,300
Oxford Company uses a job order costing system. In the last month, the system accumulated labor time tickets total $24,600 for direct labor and $4,300 for indirect labor. How are these costs recorded? O Debit Payroll Expense $28,900, credit Cash $28,900. O Debit Work in Process Inventory $24,600 Debit Factory Overhead $4,300; Credit Factory Wages Payable $28,900. O Debit Work in Process Inventory $24.600, credit Factory Wages Payable $28,900. O Debit Payroll Expense $24 600, debit Factory Overhead $4,300, credit Factory Wages Payable $28,900. Debit Work in Process Inventory $28,900, credit Factory Wages Payable $28,900. The job order cost sheets used by Greene Company revealed the following: Job. No. 134 135 136 Bal., May 1 $ 1,700 1,200 0 May Production Costs $ 0 300 900 Job No. 135 was completed during May and Jobs No. 134 and 135 were shipped to customers in May. What was the company's cost of goods sold for May and the Work in Process inventory on May 31? $1,700, $1,200 $1,200, $2,900. $3,200, $900 $4,100; $0. $2,900, $1,200 Select cost information for Seacrest Enterprises is as follows: 1,000 units of output Total Cost/Unit 5,000 units of output Total Cost/Unit 25,0 $ $ 5.00 00 Direct materials $ 5,000 $ 5.00 Utilities expense $ 1,000 $ 1.00 $ 3,75 0 $ 0.75 4,00 Rent expense $ 4,000 $ 4.00 $ $ 0.80 0 Based on this information: O Both direct materials and utilities expense are mixed costs. O Direct materials is a fixed cost and utilities expense is a mixed cost. O Utilities expense is a mixed cost and rent expense is a variable cost. O Both direct materials and rent expense are variable costs. O Utilities expense is a mixed cost and rent expense is a fixed cost
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