Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Waterway Fabricators produces protective covers for smart phones. Since the covers must be customized to each smart phone model, Waterway uses a job order costing

image text in transcribed

Waterway Fabricators produces protective covers for smart phones. Since the covers must be customized to each smart phone model, Waterway uses a job order costing system. On September 1, the company reported the following inventory balances: Direct Materials $29,300 Work in Process $151,000 Finished Goods $257,000 During September, the following events occurred 1. Waterway purchased direct materials costing $1,041,000 on account 2. Waterway used $427,000 in direct materials in production. 3. Waterway's employees clocked 24,000 direct labor hours at an average wage rate of $13.01 per direct labor hour 4. The company incurred $179,000 in manufacturing overhead, including $26,000 in indirect labor costs. 5 Using direct labor hours as the application base, the company applied $164,000 of manufacturing overhead to jobs worked on in September 6. The company completed production on jobs costing $855,000 7. The company delivered jobs costing $1,075,000 to customers. Your answer is correct. Calculate the ending September balance of the Direct Materials, Work in Process, and Finished Goods Inventory account:s Ending September Balance 3543,300 Direct Materials Work in Process Finished Goods 99,240 7,000 Attempts: 1 of 15 used Calculate total manufacturing costs for September Total manufacturing costs $ Attempts: 0 of 15 used

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

Recommended Textbook for

Modern Auditing

Authors: William C Boynton, Raymond N Johnson

8th Edition

0471230111, 978-0471230113

More Books

Students also viewed these Accounting questions