Selected accounts with some amounts omitted are as followsWork in ProcessAug. 1 Balance252,300 Aug. 31Goods finished171,900 31 Direct materialsX 31 Direct labor 45,300 31 Factory overheadX Factory OverheadAug. 1 – 31Costs incurred116,200 Aug. 1Balance12,600 31AppliedXIf the balance of Work in Process on August 31 is $191,300, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs?

Overhead cost: The costs other than the direct costs such as insurance, interest, repairs, taxes…

Answered: Selected accounts with some amounts…

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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Selected accounts with some amounts omitted are as follows

Work in Process
Aug. 1	Balance	252,300	Aug. 31	Goods finished	171,900
31	Direct materials	X
31	Direct labor	45,300
31	Factory overhead	X

Factory Overhead
Aug. 1 – 31	Costs incurred	116,200	Aug. 1	Balance	12,600
			31	Applied	X

If the balance of Work in Process on August 31 is $191,300, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs?

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