Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Answer

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
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
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS