d. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $644,000 cash in April.Problem 15-2A (Algo) Part 22. Determine the total cost assigned to each job as of April 30 (including the balances from March 31).MarchDirect materialsDirect laborOverhead appliedWork in process, beginningAprilDirect materialsDirect laborOverhead appliedCosts added in AprilTotal costsStatus on April 30April 30 cost included in:$Job 30632,00023,60013,600144,00088,600Finished (sold)$Job 30738.60021,60012,600229,000159,000Finished (unsold)Job 308In process109,000114.000April Total482.000361,600

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Description: d. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $644,000 cash in April.Problem 15-2A (Algo) Part 22. Determine the total cost assigned to each job as of April 30 (including the balances from March 31).MarchDirect ma

Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Answered: 2. Determine the total cost assigned to…

Business

Accounting

2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information applies to Your Company for the current year: Direct labor-hours: Estimated for the year. 85,000 Actual hours worked. 80,000 Machine hours Estimated for the year. 92,000 Actual hours worked. 95,000 Manufacturing overhead: Estimated for the year $192,000 Actual cost incurred 200,000 Overhead cost is applied to production on a basis of direct labor hours. What is the predetermined overhead rate (round if necessary)? Group of answer choices $2.35 $2.09 $2.26 $2.40 $2.50
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prepare entry to assign manufacturing overhead to production, assuming the predetermined overhead rate is 125% of direct labor cost.
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Cao Inc. has worked on the following jobs during the first quarter of the year. The list of each job along with the balance of the total costs incurred at the end of the quarter is provided below: Job no. Ending Balance Job No. 221 $1,350 Job No. 222 1,270 Job No. 223 1,580 Job No. 224 1,690 Job No. 225 960 During the first quarter, jobs 221, 222, and 223 were completed; jobs 221 and 223 were sold on account for $2,000 and $2,380 respectively. What would be the amount of costs of goods sold to be recorded in the income statement of the first quarter? Group of answer choices $1,270 $2,650 $4,200 $2,930
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