Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Debit Beginning Direct materials used Direct labor used. Overhead Ending Work in Process Inventory 0 1,100,000 280,000 429,000 78,000 Credit 1,731,000 Cost of goods manufactured 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remains in work in process inventory at year-end. Its direct materials cost is $37,000. How much direct labor cost and applied overhead are assigned to this job?

Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Debit Beginning Direct materials used Direct labor used. Overhead Ending Work in Process Inventory 0 1,100,000 280,000 429,000 78,000 Credit 1,731,000 Cost of goods manufactured 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remains in work in process inventory at year-end. Its direct materials cost is $37,000. How much direct labor cost and applied overhead are assigned to this job?

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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