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Patricia's Holiday Styles has been busy in the month of November! It seems Patricia's marketing efforts have paid off, as she has answered many calls to help decorate homes for the upcoming holidays. The company carries an inventory of decorative items in its store and then installs them in creative and fun ways. The MOH costs are fairly low, since the company has just a small space to hold the inventory. The applied MOH rate is $10 per direct labor hour. As of November 30, the company carries the following balances in its inventory accounts. DM Inventory WIP Inventory FG Inventory 1. During December, the following events occurred 2 3 4 5. 6 7 $5,700 7,450 A 0 Purchased direct materials costing $14,200 on account. Used $18.800 of direct materials for jobs. Paid direct labor wages for 122 hours of labor ($25/hr). Applied MOH cost to jobs. Actually incurred $1.600 in MOH costs. Completed all jobs by the end of the month. Billed clients $40,800 for jobs completed. Closed under-or overapplied MOH using the direct write-off method.

Patricia's Holiday Styles has been busy in the month of November! It seems Patricia's marketing efforts have paid off, as she has answered many calls to help decorate homes for the upcoming holidays. The company carries an inventory of decorative items in its store and then installs them in creative and fun ways. The MOH costs are fairly low, since the company has just a small space to hold the inventory. The applied MOH rate is $10 per direct labor hour. As of November 30, the company carries the following balances in its inventory accounts. DM Inventory WIP Inventory FG Inventory 1. During December, the following events occurred 2 3 4 5. 6 7 $5,700 7,450 A 0 Purchased direct materials costing $14,200 on account. Used $18.800 of direct materials for jobs. Paid direct labor wages for 122 hours of labor ($25/hr). Applied MOH cost to jobs. Actually incurred $1.600 in MOH costs. Completed all jobs by the end of the month. Billed clients $40,800 for jobs completed. Closed under-or overapplied MOH using the direct write-off method.

FINANCIAL ACCOUNTING
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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Calculate the ending balances in all inventory accounts as of December 31. DM Inventory WIP Inventory $ FG Inventory $ Save for Later $ Ending Balances eTextbook and Media Attempts: 0 of 3 used Submit Answer
Transcribed Image Text:Calculate the ending balances in all inventory accounts as of December 31. DM Inventory WIP Inventory $ FG Inventory $ Save for Later $ Ending Balances eTextbook and Media Attempts: 0 of 3 used Submit Answer
Patricia's Holiday Styles has been busy in the month of November! It seems Patricia's marketing efforts have paid off, as she has answered many calls to help decorate homes for the upcoming holidays. The company carries an inventory of decorative items in its store and then installs them in creative and fun ways. The MOH costs are fairly low, since the company has just a small space to hold the inventory. The applied MOH rate is $10 per direct labor hour. As of November 30, the company carries the following balances in its inventory accounts. DM Inventory WIP Inventory FG Inventory 1. During December, the following events occurred 2 3. 4 5. $5,700 7,450 6 7. 8. 0 Purchased direct materials costing $14,200 on account. Used $18.800 of direct materials for jobs. Paid direct labor wages for 122 hours of labor ($25/hr). Applied MOH cost to jobs Actually incurred $1.600 in MOH costs. Completed all jobs by the end of the month. Billed clients $40,800 for jobs completed. Closed under-or overapplied MOH using the direct write-off method.
Transcribed Image Text:Patricia's Holiday Styles has been busy in the month of November! It seems Patricia's marketing efforts have paid off, as she has answered many calls to help decorate homes for the upcoming holidays. The company carries an inventory of decorative items in its store and then installs them in creative and fun ways. The MOH costs are fairly low, since the company has just a small space to hold the inventory. The applied MOH rate is $10 per direct labor hour. As of November 30, the company carries the following balances in its inventory accounts. DM Inventory WIP Inventory FG Inventory 1. During December, the following events occurred 2 3. 4 5. $5,700 7,450 6 7. 8. 0 Purchased direct materials costing $14,200 on account. Used $18.800 of direct materials for jobs. Paid direct labor wages for 122 hours of labor ($25/hr). Applied MOH cost to jobs Actually incurred $1.600 in MOH costs. Completed all jobs by the end of the month. Billed clients $40,800 for jobs completed. Closed under-or overapplied MOH using the direct write-off method.
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