Magnum Incorporated began operations in July of the current year. Magnum uses the job order cost system and applies overhead to jobs on a basis of $15 per machine hour. The following information is for July: Direct materials costDirect labor cost Machine hoursJob 20$1,200$10,20090 Job 21$1,025$8,00080 Job 22$2,200$9,180120 Jobs 20 and 22 have been completed. The balance is a work-in-process inventory on July 31 is _.

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 2PB: Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500...
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Magnum Incorporated began operations in July of the current year.
Magnum uses the job order cost system and applies overhead to jobs on a
basis of $15 per machine hour.
The following information is for July:
Direct materials costDirect labor cost Machine hoursJob
20$1,200$10,20090 Job 21$1,025$8,00080 Job 22$2,200$9,180120
Jobs 20 and 22 have been completed. The balance is a work-in-process
inventory on July 31 is _.
Transcribed Image Text:Magnum Incorporated began operations in July of the current year. Magnum uses the job order cost system and applies overhead to jobs on a basis of $15 per machine hour. The following information is for July: Direct materials costDirect labor cost Machine hoursJob 20$1,200$10,20090 Job 21$1,025$8,00080 Job 22$2,200$9,180120 Jobs 20 and 22 have been completed. The balance is a work-in-process inventory on July 31 is _.
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