ABC Inc. manufactures to customers' specifications. Summarized information for May 2022: Work in process, beg (five partially completed jobs) Orders completed (eighteen) Orders shipped out (fourteen) Materials requisitioned Direct labor cost Overhead = 200% of direct labor cost. Determine the ending balance of work in process. P300,000 2,400,000 2,000,000 1,700,000 800,000

ABC Inc. manufactures to customers' specifications. Summarized information for May 2022: Work in process, beg (five partially completed jobs) Orders completed (eighteen) Orders shipped out (fourteen) Materials requisitioned Direct labor cost Overhead = 200% of direct labor cost. Determine the ending balance of work in process. P300,000 2,400,000 2,000,000 1,700,000 800,000

Name: ABC Inc. manufactures to customers' specifications. Summarized inform
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Description: ABC Inc. manufactures to customers' specifications. Summarized information for May 2022:Work in process, beg (five partially completed jobs)Orders completed (eighteen)Orders shipped out (fourteen)Materials requisitionedDirect labor costOverhead = 20

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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Lake Balboa Manufacturing Company decides to relate total factory overhead costs to direct labor hours (DLH) to develop a cost-volume formula in the form of y = a + bx. Observations from 2019 are collected. They are given and on the excel file. Month Direct Labor Hours Factory Overhead January 9,000 13,000 February 19,000 20,000 March 11,000 14,000 April 14,000 16,000 May 23,000 25,000 June 12,000 20,000 July 12,000 20,000 August 22,000 23,000 September 7,000 14,000 October 13,000 22,000 November 15,000 18,000 December 17,000 18,000 Total 174,000 hours $225,000 In October of 2020, the company used 13,000 direct labor hours. Using the cost formula for factory overhead calculated using the High-Low Method, calculate the factory overhead for October 2020.
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Reynolds Manufacturers Inc. has estimated total factory overhead costs of $103,000 and expected direct labor hours of 10,300 for the current fiscal year. If job number 117 incurs 1,770 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for a.$103,000b.$51,500c.$17,700d.$1,770
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Morant, Inc. uses a job order costing system and applies overhead on the basis of 125% of direct labor cost. On June 1, 2024, the balance in the work in process inventory account was $197,100. During June, Morant had the following transactions: Raw materials purchased Raw materials used Direct labor costs incurred Actual manufacturing overhead costs incurred Cost of completed jobs $50,200 $50,800 $48,200 $63,700 $87,000 Assume all raw materials are direct materials. What is the balance in Morant's work in process inventory account at June 30? (Hint: The slide with the fire trucks... what affects the work in process account?] 1