Answered step by step
Verified Expert Solution
Question
1 Approved Answer
QUESTION 10 Olive Productions utilizes job-order costing for textbook production. It allocates overhead at a rate of 130% of direct labor costs. The following is
QUESTION 10 Olive Productions utilizes job-order costing for textbook production. It allocates overhead at a rate of 130% of direct labor costs. The following is data regarding three jobs: Job 64: Work-in-process balance, Feb. 1 = $600; Direct material added in Feb. = $200; Direct labor added in Feb. = $500 Job 65: Work-in-process balance, Feb. 1 = $700; Direct material added in Feb. = $300; Direct labor added in Feb. = $300 Job 66: Work-in-process balance, Feb. 1 = $500; Direct materials added in Feb. = $250; Direct labor added in Feb. = $100 Jobs 64 and 66 were completed and sold in February. How much is the balance in Work-in-Process Inventory at the end of February? O A. $990 B. $1,690 OC. $1,650 D. $1,300
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