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: Cost of Jobs in Process, 4/1/2013 Job A Job B Job C $11,600 $1,200 Direct Materials Used 1,600 7,200 7,800 Direct Labor 9,200 7,200 2,600 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.
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: Cost of Jobs in Process, 4/1/2013 Job A Job B Job C $11,600 $1,200 Direct Materials Used 1,600 7,200 7,800 Direct Labor 9,200 7,200 2,600 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
provide answer
![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:
Cost of Jobs in Process, 4/1/2013
Job A Job B Job C
$11,600 $1,200
Direct Materials Used
1,600
7,200
7,800
Direct Labor
9,200
7,200
2,600
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F338b904e-392b-42e7-8f66-2c0aa88b82b1%2F3d9af81b-a016-4065-983b-d4834abfe317%2Fme4sgb_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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:
Cost of Jobs in Process, 4/1/2013
Job A Job B Job C
$11,600 $1,200
Direct Materials Used
1,600
7,200
7,800
Direct Labor
9,200
7,200
2,600
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.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education