Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sunland Corporations fiscal year ends on November 30. the following accounts are found in its job order cost accounting system for the first month of
Sunland Corporations fiscal year ends on November 30. the following accounts are found in its job order cost accounting system for the first month of the new fiscal year.
1. on December 1, two jobs were in process: job 154 and job 155. these jobs had combined direct materials costs of $9,950 and direct labor costs of $15,200. Overhead was applied at a rate that was 75% of direct labor cost.
2. During December, jobs 156,157,and 158 were strted. on December 31, job 158 was unfinished. this job had charges for direct materials $4,400 and direct labor $5,200 plus manufacturing overhead. all jobs except for job 158 were completed in December.
3. on December 1, job 153 was in the finished goods warehouse. it had a total cost of $5,500. on December 31, job 157 was the only jon finished that was not sold. it had a cost of $4,300
4. Manufacturing overhead was $1,145 underapplied in December.
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