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Answer Problem #2 : items 5 & 6

Answer Problem #2 : items 5 & 6

FINANCIAL ACCOUNTING
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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Answer Problem #2 : items 5 & 6

Problem 2: Overtime Pay DEF Company manufactures tools on a job order basis wherein during the month of April 2021, three jobs were completed. The following costs were incurred: J501 18,000 7,000 J502 27,000 10,000 2,000 J503 20.000 Direct Materials Direct Labor Overtime Premium 8,000 Other factory costs for the month totaled 27,000 allocated to J503, J501, and J502 using 3:2:4 ratio, respectively. Assume overtime pay is charged to all jobs, compute the following: 5. Total debit to work-in-process account related to labor 6. Total debit to overhead account Assume overtime pay is solely charged to J502, compute the following: 7. Total debit to work-in-process account related to labor 8. Total cost of J502
Transcribed Image Text:Problem 2: Overtime Pay DEF Company manufactures tools on a job order basis wherein during the month of April 2021, three jobs were completed. The following costs were incurred: J501 18,000 7,000 J502 27,000 10,000 2,000 J503 20.000 Direct Materials Direct Labor Overtime Premium 8,000 Other factory costs for the month totaled 27,000 allocated to J503, J501, and J502 using 3:2:4 ratio, respectively. Assume overtime pay is charged to all jobs, compute the following: 5. Total debit to work-in-process account related to labor 6. Total debit to overhead account Assume overtime pay is solely charged to J502, compute the following: 7. Total debit to work-in-process account related to labor 8. Total cost of J502
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