Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Richard Inc. manufactures customized furniture for individual customers. On March 1, there were two jobs in process: Job 200 with a beginning balance of $15,000
Richard Inc. manufactures customized furniture for individual customers. On March 1, there were two jobs in process: Job 200 with a beginning balance of $15,000 and Job 201 with a beginning balance of $8,000. Overhead costs are applied by using a rate of 40% of direct labor costs. Both jobs are unfinished on March 31. Data on March costs for both the jobs are as follows: Direct materials Direct labor cost Job 200 $12,000 10,000 Job 201 $ 16,000 15,000 What is the total amount of the work-in-process account on March 31? O $86,000 $63,000 $45,000 $41,000
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