Answer Problem #2 : items 7 & 8 Problem 2: Overtime PayDEF Company manufactures tools on a job order basis wherein during the month of April 2021, three jobs werecompleted. The following costs were incurred:J50118,0007,000J50227,00010,0002,000J50320.000Direct MaterialsDirect LaborOvertime Premium8,000Other 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 labor6. Total debit to overhead accountAssume overtime pay is solely charged to J502, compute the following:7. Total debit to work-in-process account related to labor8. Total cost of J502

Total cost allocated to Job=Direct Materials+Direct Labor+Overtime Premium+Other factory costs

Answered: Assume overtime pay is solely charged…

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

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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Question

Answer Problem #2 : items 7 & 8

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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