The following cost data pertains to DEF Inc. for December 31st, 202 Ending Raw Materials Inventory: Beginning Work-in-Process: Ending Work-in-Process: Direct Materials Used: Direct Costs Incurred in Production: Indirect costs incurred in Production: Beginning Finished Goods Inventories: Ending Finished Goods Inventories: Sales: Selling and Administrative Expenses: Applied Overhead for the period: $50,000 $30,000 $15,000 $20,000 $40,000 $40,000 $40,000 $20,000 $190,000 $40,000 $40,000 The cost of goods sold for 2022 is $115,000 x. $137,000 $175,000 $135,000

The following cost data pertains to DEF Inc. for December 31st, 202 Ending Raw Materials Inventory: Beginning Work-in-Process: Ending Work-in-Process: Direct Materials Used: Direct Costs Incurred in Production: Indirect costs incurred in Production: Beginning Finished Goods Inventories: Ending Finished Goods Inventories: Sales: Selling and Administrative Expenses: Applied Overhead for the period: $50,000 $30,000 $15,000 $20,000 $40,000 $40,000 $40,000 $20,000 $190,000 $40,000 $40,000 The cost of goods sold for 2022 is $115,000 x. $137,000 $175,000 $135,000

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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Leafon Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine hours and the Customizing Department's predetermined overhead rate is based on direct labor hours. At the beginning of the current year, the company had made the following estimates: Customizing Casting Machine-hours (MH) 20,000 17,500 Direct labor-hours (DLH) 7,000 9,000 Total Fixed MOH ℗ 175,000 P 165,500 Variable MOH per MH P 2.50 Variable MOH per DLH P 9.00 During the current month, the company started and finished Job Leaf-118. The following data were recorded for this job: Job Leaf-118 Customizing Casting Machine-hours 500 700 Direct labor-hours 100 450 The TOTAL AMOUNT of Overhead Applied to Job Leaf-118 is closest to Note: For interim calculations, use 5 decimal places; ROUND-UP final answer to a whole number.
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