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Question 1 The Toronto Company uses a job-order costing system and applies manufacturing overhead to (jobs) work in process on the basis of direct labor
Question 1
The Toronto Company uses a job-order costing system and applies manufacturing overhead to (jobs) work in process on the basis of direct labor cost. The following activities took place for the month of February:
Cost of Direct materials used $30,000
Direct labor cost $40,000
Beginning Balance WIP $19,000
Ending Balance WIP $ 9,000
COGM $160,000
Beginning Balance FG $ 1,000
Ending Balance FG $ 2,000
Required:
2.) Compute the applied OH costs and the overhead rate that was used.
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