equipment for $200,000. The equipment is estimated to have a useful life of ten years and a salvage value of $20,000. How much depreciation expense should Reed record for the equipment in the adjusting entry on December 31, 2007? a.$6,000 b.$12,000 c.$13,500 Meyer Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April, but not sold. Job C was started during April, but not completed. The job cost sheets revealed the following costs for April: Job A Job B Job C Cost of Jobs in Process, 4/1/2013 $11,600 $1,200 Direct Materials Used Direct Labor 1,600 7,200 9,200 7,200 2,600 7,800 Applied Manufacturing Overhead Required: If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April: a. Work in Process. b. Finished Goods. c. COGS.

equipment for $200,000. The equipment is estimated to have a useful life of ten years and a salvage value of $20,000. How much depreciation expense should Reed record for the equipment in the adjusting entry on December 31, 2007? a.$6,000 b.$12,000 c.$13,500 Meyer Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April, but not sold. Job C was started during April, but not completed. The job cost sheets revealed the following costs for April: Job A Job B Job C Cost of Jobs in Process, 4/1/2013 $11,600 $1,200 Direct Materials Used Direct Labor 1,600 7,200 9,200 7,200 2,600 7,800 Applied Manufacturing Overhead Required: If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April: a. Work in Process. b. Finished Goods. c. COGS.

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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