Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me check my work. For Job 101 , the time tickets showed 60 hours at an average wage rate of $20 per hour,
Please help me check my work.
For Job 101 , the time tickets showed 60 hours at an average wage rate of $20 per hour, for a total direct labor cost of $1,200. For Job 102 , the total was $500, based on 25 hours at an average hourly wage of $20. In addition to the postings to each job's cost sheet, the following summary entry would be made: A) debit Overhead Control $1,700 and credit Wages Payable $1,700 B) debit Wages Payable $1,700 and credit Work-in-Process Inventory $1,700 C) debit Work-in-Process Inventory $1,700 and credit Wages Payable $1,700 D) debit Work-in-Process Inventory $1,700 and credit Overhead Control $1,700 E) none of the above For Job 101 , with a total of 60 hours worked, the amount of overhead cost posted is $480($860). For Job 102 , the overhead cost is $200($825). A summary entry reflects a total of $680 (i.e., all overhead applied to jobs worked on during January) in applied overhead. The entry would include: A) debit Overhead Control $680 and credit Finished Goods Inventory $680 B) debit Overhead Control $680 and credit Work-in-Process Inventory $680 C) debit Work-in-Process Inventory $680 and credit Overhead Control $680 D) debit Work-in-Process Inventory $680 and credit Wages Payable $680 E) none of the above Assume that Job 101 was completed in January, and the total manufacturing costs were $2,000. The cost of Job 101 must be transferred from the work-in-process inventory account to the finished goods inventory account. This transfer is described by the following entry: A) debit Cost of Goods Sold \$2,000 and credit Finished Goods Inventory $2,000 B) debit Cost of Goods Sold \$2,000 and credit Work-in-Process Inventory $2,000 C) debit Finished Goods inventory $2,000 and credit Work-in-Process Inventory $2,000 D) debit Work-in-Process Inventory $2,000 and credit Finished Goods Inventory $2,000 E) none of the above
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