Selected accounts with some amounts omitted are as follows: Work in Process 23,100 Oct. 31 94,300 198,400 Oct. 1 31 31 31 Oct. 1 31 Balance Direct materials Direct labor Factory overhead Balance Goods finished X Finished Goods 12,400 347,900 Goods finished X If the balance of Work in Process on October 31 is $207,500, what was the amount of factory overhead applied in October? a. $239,600 Ob. $429,000 c. $198,400 Od. $94,300

Selected accounts with some amounts omitted are as follows: Work in Process 23,100 Oct. 31 94,300 198,400 Oct. 1 31 31 31 Oct. 1 31 Balance Direct materials Direct labor Factory overhead Balance Goods finished X Finished Goods 12,400 347,900 Goods finished X If the balance of Work in Process on October 31 is $207,500, what was the amount of factory overhead applied in October? a. $239,600 Ob. $429,000 c. $198,400 Od. $94,300

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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Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,000 Apr. 30 Goods finished X 30 Direct materials 61,300 30 Direct labor 190,800 30 Factory overhead 57,240 Finished Goods Apr. 1 Balance 16,000 30 Goods finished 307,800 What was the balance of Work in Process as of April 30?
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Selected accounts with some amounts omitted are as follows: Work in Process Oct. 1 Balance 24,100 Oct. 31 Goods finished 31 Direct materials 90,700 31 Direct labor 160,500 31 Factory overhead Finished Goods Oct. 1 Balance 12,000 31 Goods finished 333,200 If the balance of Work in Process on October 31 is $199,000, what was the amount of factory overhead applied in October? Oa. $160,500 b. $256,900 Oc. $383,600 Od. $90,700
Question 1 Zulfiqar Inc. has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work in Process Finished Goods Cost of Goods Sold Total Direct materials 4,020 12,810 22,890 39,720 Direct labor 4,760 17,080 30,520 52,360 Manufacturing overhead applied 3,220 7,130 12,650 23,000 Total 12,000 37,020 66,060 115,080 Manufacturing overhead for the month was underapplied by Rs. 4,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Calculate amount of work in process inventory at the end of September after allocation of any underapplied or overapplied manufacturing…
Selected accounts with some amounts omitted are as follows: Work in Process Date Transaction Debit amount Date Transaction Credit amount Aug. 1 Balance 279, 100 Aug. 31 Goods finished 190, 700 31 Direct materials X 31 Direct labor 47, 400 31 Factory overhead X Factory Overhead Date Transaction Debit amount Date Transaction Credit amount Aug. 1-31 Costs incurred 113,000 Aug. 1 Balance 12, 100 31 Applied X If the balance of Work in Process on August 31 is $196, 400, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a. $190, 700 b. $12, 100 c. $113, 000 d. $14, 220
If the indirect labor cost in August for clerical and maintenance that help production in all departments was $123,000, the following journal entry would be recorded in a process costing system: Account Title Factory Overhead Factory Wages Payable True or False True False Debit 123,000 Credit 123,000
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