At the beginning of 2012, Conway Manufacturing Company had the following accountbalances:FG Inventory8,000Manufacturing O/HWIP Inventory2,000During the year, the following transactions took place:Direct materials placed in production:Direct labor incurred:Manufacturing overhead incurredManufacturing overhead allocated to production: $295,000Cost of Jobs CompletedSelling Price of Jobs SoldCost of Jobs Sold$80,000$190,000$300,000$500,000$750,000$440,000After these transactions have been recorded, the preliminary balance in the Manufacturing overhead account is Wright Brothers is debating the use of direct labour cost or direct labour hoursas the cost allocation base for allocating manufacturing overhead. The followinginformation is available for the year ended December 31, 2007.Estimated direct labour costActual direct labour costEstimated manufacturing overheadsActual manufacturing overhead costsEstimated direct labour hoursActual direct labour hours$449,500$441,000$359,600$338,000248,000242,000Manufacturing overhead applied based on direct labour cost is:

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At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory 2,000 FG Inventory 8,000 Manufacturing O/H During the year, the following transactions took place: $80,000 $190,000 $300,000 Direct materials placed in production: Direct labor incurred: Manufacturing overhead incurred Manufacturing overhead allocated to production: $295,000 Cost of Jobs Completed Selling Price of Jobs Sold Cost of Jobs Sold $500,000 $750,000 $440,000 er these transactions have been recorded, the preliminary balance in the Manufacturin

At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory 2,000 FG Inventory 8,000 Manufacturing O/H During the year, the following transactions took place: $80,000 $190,000 $300,000 Direct materials placed in production: Direct labor incurred: Manufacturing overhead incurred Manufacturing overhead allocated to production: $295,000 Cost of Jobs Completed Selling Price of Jobs Sold Cost of Jobs Sold $500,000 $750,000 $440,000 er these transactions have been recorded, the preliminary balance in the Manufacturin

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...

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At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory 2,000 FG Inventory 8,000 Manufacturing O/H During the year, the following transactions took place: Direct materials placed in production: Direct labor incurred: Manufacturing overhead incurred Manufacturing overhead allocated to production: $295,000 Cost of Jobs Completed Selling Price of Jobs Sold Cost of Jobs Sold $80,000 $190,000 $300,000 $500,000 $750,000 $440,000 After these transactions have been recorded, the balance in the Work in process account is a:
At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory - DR 2,000 FG Inventory - DR 8,000 ( All T accounts) During the year the following transactions took place: Direct materials placed in production $80,000Direct labor incurred $190,00Manufacturing OH incurred $300,000Manufacturing OH allocated to production $295,000Costs of jobs completed $500,000Selling price of jobs sold $750,000Cost of jobs sold $440,000 After recording all these transaction the adjusted cost of goods sold account is: A) Debit of $445,000B) Debit of $440,000C) Credit of $445,000D) Debit of $435,000