Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tidy Furniture Company uses a job costing system. The following debits (credits) appeared in the Work-in-Process Inventory account for June 2020: Description 1-Jun Balance Entire

Tidy Furniture Company uses a job costing system. The following debits (credits) appeared in the Work-in-Process Inventory account for June 2020: Description 1-Jun Balance Entire month Entire month Entire month Entire month Direct Materials Direct Labor Manufacturing overhead Transferred out $ Debits 20,000 80,000 60,000 45,000 Credits Required: (a) Calculate the amount of direct materials charged to Product 1000. (b) Compute the actual overhead for June 2020. $ 120,000 Tidy allocates overhead to production based on direct labor cost at a predetermined rate of 75%. Job 1000, the only job still in process at the end of June, has been charged with direct labor of $30,000. Tidy's Manufacturing Overhead account showed a credit balance of $10,000 at the end of June 2020.
image text in transcribed
Tidy Funiture Company uses a job costing system. The following debits (credits) appeared in the Work-in-Process Inventory account for June 2020 : Tidy allocates overhead to production based on direct labor cost at a predetermined rate of 75%. 50b1000, the cally job still in process at the end of Jume, has been clarged with direct latior or $30,000. Tidy s Manufacturing Overbead account showed a credit balance of $10,000 at the end of Sime 2020. Requeired: (a) Calculate the amount of dirset materials charged to Product 1000 (b) Conilpuicthe actual overbead for fune 2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started