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PLEASE SHOW WORKING!! THANKS Use the following information to answer the next two questions Hamilton Company uses job order costing. Factory overhead is applied to
PLEASE SHOW WORKING!!
THANKS
Use the following information to answer the next two questions Hamilton Company uses job order costing. Factory overhead is applied to production at a predetermined rate of 150% of direct-labour cost. Any over or under-applied factory overhead is closed to the cost of goods sold account at the end of each month. Additional information is available as follows: * Job 101 was the only job in process at January 31, 2002, with accumulated costs as follows: Direct material $4,000 Direct labour 2,000 Applied factory overhead 3,000 $9,000 . 0 Jobs 102, 103, and 104 were started during February. Direct materials requisitions for February totaled $26,000. Total Direct-labour cost of $20,000 was incurred for February. Total Actual factory overhead was $32,000 for February. The only job still in process at February 28, 2002, was Job 104, with costs of $2,800 for direct materials and $1,800 for direct labour. . 6. The cost of goods manufactured for February 2002 was: (a) $77,700 (b) $78,000 $79,700 $85,000 7. Over or under-applied factory overhead should be closed to the cost of goods sold account at February 28, 2002, in the amount of: (a) (b) (C) (d) $ 700 over-applied $1,000 over-applied $1,700 under-applied $2,000 under-appliedStep by Step Solution
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