Meyers Corporation had the following inventory balances at the beginning and end of November: November 1 November 30 Raw Materials $ 24,000 Finished Goods $66,000 $ 18,000 $ 45,000 Work in Process $9,000 $ 15,000 During November, $51,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $6 per direct labor- hour, and it paid its direct labor workers $9 per hour. A total of 300 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $6,000 of direct materials cost. The Corporation incurred $36,000 of actual manufacturing overhead cost during the month and applied $33,000 in manufacturing overhead cost. The actual direct labor-hours worked during November totaled: (Round your answers to the nearest dollar.) - 3,667 hours - 5,500 hours - 4,000 hours - 6,000 hours
Meyers Corporation had the following inventory balances at the beginning and end of November: November 1 November 30 Raw Materials $ 24,000 Finished Goods $66,000 $ 18,000 $ 45,000 Work in Process $9,000 $ 15,000 During November, $51,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $6 per direct labor- hour, and it paid its direct labor workers $9 per hour. A total of 300 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $6,000 of direct materials cost. The Corporation incurred $36,000 of actual manufacturing overhead cost during the month and applied $33,000 in manufacturing overhead cost. The actual direct labor-hours worked during November totaled: (Round your answers to the nearest dollar.) - 3,667 hours - 5,500 hours - 4,000 hours - 6,000 hours
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Meyers Corporation had the following inventory balances at the
beginning and end of November:
November 1 November 30
Raw Materials
$ 24,000
Finished Goods
$66,000
$ 18,000
$ 45,000
Work in Process $9,000
$ 15,000
During November, $51,000 in raw materials (all direct materials)
were drawn from inventory and used in production. The
company's predetermined overhead rate was $6 per direct labor-
hour, and it paid its direct labor workers $9 per hour. A total of
300 hours of direct labor time had been expended on the jobs in
the beginning Work in Process inventory account. The ending
Work in Process inventory account contained $6,000 of direct
materials cost. The Corporation incurred $36,000 of actual
manufacturing overhead cost during the month and applied
$33,000 in manufacturing overhead cost.
The actual direct labor-hours worked during November totaled:
(Round your answers to the nearest dollar.)
- 3,667 hours
- 5,500 hours
- 4,000 hours
- 6,000 hours
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