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• • Q5: Stone Company, a manufacturer that uses job order costing provides the below partial account balances for the twelve months ended 12/31/20X2 and shares the following information regarding its 20X2 operations: The predetermined overhead rate for 20X2 was $1.25 of overhead for each dollar of direct labor incurred. Stone purchases 100% of its raw materials on account from vendor Diamond Corporation and used $0 indirect materials. Stone disposes of over/under applied MOH using the method covered in class and during 20X2 incurred $1,540,000 of direct labor which is already reflected below in item (ii). Raw Material BB 580,000 BB A/P Diamond Corp 180,000 Work In Process BB 370,000 (a) (b) 1,100,000 1,280,000 (1) (c) (ii) 1,540,000 (e) EB 610,000 EB 360,000 (iii) (d) EB (f) Finished Goods BB 418,000 1,980,000 (g) (h) EB 523,000 MOH Cost of Goods Sold BB 0 4,600,000 EB () (1) What value of direct materials were requisitioned by production during the twelve months ended 12/31/20X2? A. $1,070,000 B. $1,250,000 C. $1,130,000 D. $1,100,000 E. $1,280,000

• • Q5: Stone Company, a manufacturer that uses job order costing provides the below partial account balances for the twelve months ended 12/31/20X2 and shares the following information regarding its 20X2 operations: The predetermined overhead rate for 20X2 was $1.25 of overhead for each dollar of direct labor incurred. Stone purchases 100% of its raw materials on account from vendor Diamond Corporation and used $0 indirect materials. Stone disposes of over/under applied MOH using the method covered in class and during 20X2 incurred $1,540,000 of direct labor which is already reflected below in item (ii). Raw Material BB 580,000 BB A/P Diamond Corp 180,000 Work In Process BB 370,000 (a) (b) 1,100,000 1,280,000 (1) (c) (ii) 1,540,000 (e) EB 610,000 EB 360,000 (iii) (d) EB (f) Finished Goods BB 418,000 1,980,000 (g) (h) EB 523,000 MOH Cost of Goods Sold BB 0 4,600,000 EB () (1) What value of direct materials were requisitioned by production during the twelve months ended 12/31/20X2? A. $1,070,000 B. $1,250,000 C. $1,130,000 D. $1,100,000 E. $1,280,000

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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• • Q5: Stone Company, a manufacturer that uses job order costing provides the below partial account balances for the twelve months ended 12/31/20X2 and shares the following information regarding its 20X2 operations: The predetermined overhead rate for 20X2 was $1.25 of overhead for each dollar of direct labor incurred. Stone purchases 100% of its raw materials on account from vendor Diamond Corporation and used $0 indirect materials. Stone disposes of over/under applied MOH using the method covered in class and during 20X2 incurred $1,540,000 of direct labor which is already reflected below in item (ii). Raw Material BB 580,000 BB A/P Diamond Corp 180,000 Work In Process BB 370,000 (a) (b) 1,100,000 1,280,000 (1) (c) (ii) 1,540,000 (e) EB 610,000 EB 360,000 (iii) (d) EB (f) Finished Goods BB 418,000 1,980,000 (g) (h) EB 523,000 MOH Cost of Goods Sold BB 0 4,600,000 EB () (1) What value of direct materials were requisitioned by production during the twelve months ended 12/31/20X2? A. $1,070,000 B. $1,250,000 C. $1,130,000 D. $1,100,000 E. $1,280,000
Transcribed Image Text:• • Q5: Stone Company, a manufacturer that uses job order costing provides the below partial account balances for the twelve months ended 12/31/20X2 and shares the following information regarding its 20X2 operations: The predetermined overhead rate for 20X2 was $1.25 of overhead for each dollar of direct labor incurred. Stone purchases 100% of its raw materials on account from vendor Diamond Corporation and used $0 indirect materials. Stone disposes of over/under applied MOH using the method covered in class and during 20X2 incurred $1,540,000 of direct labor which is already reflected below in item (ii). Raw Material BB 580,000 BB A/P Diamond Corp 180,000 Work In Process BB 370,000 (a) (b) 1,100,000 1,280,000 (1) (c) (ii) 1,540,000 (e) EB 610,000 EB 360,000 (iii) (d) EB (f) Finished Goods BB 418,000 1,980,000 (g) (h) EB 523,000 MOH Cost of Goods Sold BB 0 4,600,000 EB () (1) What value of direct materials were requisitioned by production during the twelve months ended 12/31/20X2? A. $1,070,000 B. $1,250,000 C. $1,130,000 D. $1,100,000 E. $1,280,000
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