A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials 2 used. Work in Process Inventory 65,000 ? Beginning WIP Direct materials Direct labor Applied overhead ? > To finished goods Ending WIP 75,000 Factory Overhead 153,000 155,000 Finished Goods Inventory Beginning FG 55,000 280,000 285,000 Ending FG 50,000

A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials 2 used. Work in Process Inventory 65,000 ? Beginning WIP Direct materials Direct labor Applied overhead ? > To finished goods Ending WIP 75,000 Factory Overhead 153,000 155,000 Finished Goods Inventory Beginning FG 55,000 280,000 285,000 Ending FG 50,000

Name: 2A company's overhead rate is 200% of direct labor cost. Using the fo
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Description: 2A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materialsused.Work in Process Inventory65,000?Beginning WIPDirect materials.Direct laborApplied overhead??To finished good

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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2
A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials
used.
Work in Process Inventory
65,000
?
Beginning WIP
Direct materials.
Direct labor
Applied overhead
?
?
To finished goods
Ending WIP
75,000
Factory Overhead
153,000
155,000
Finished Goods Inventory
Beginning FG
55,000
280,000
285,000
Ending FG
50,000
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