A company's overhead rate is 50% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory Beginning WIP 113,800 Direct materials ? Direct labor ? Applied overhead ? To finished goods ? Ending WIP 148,000 Factory Overhead 113,800 102,420 Finished Goods Inventory Beginning FG 133,700 367,400 340,400 Ending FG 160,700
A company's overhead rate is 50% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory Beginning WIP 113,800 Direct materials ? Direct labor ? Applied overhead ? To finished goods ? Ending WIP 148,000 Factory Overhead 113,800 102,420 Finished Goods Inventory Beginning FG 133,700 367,400 340,400 Ending FG 160,700
Chapter1: Financial Statements And Business Decisions
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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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A company's overhead rate is 50% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used.
| Work in Process Inventory | |||
| Beginning WIP | 113,800 | ||
| Direct materials | ? | ||
| Direct labor | ? | ||
| Applied overhead | ? | ||
| To finished goods | ? | ||
| Ending WIP | 148,000 |
| Factory Overhead | |
| 113,800 | 102,420 |
| Finished Goods Inventory | |||
| Beginning FG | 133,700 | ||
| 367,400 | 340,400 | ||
| Ending FG | 160,700 |
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