AI - E H EAutoSaveNormalDocument1 - WordSearchbadiya aldujailiffBАENFileHomeInsertDrawDesignLayoutReferencesMailingsReviewViewHelpA ShareO CommentsX CutCalibri (Body) 11- A A Aav A E EAaBbCcDc AaBbCcDc AaBbC AABBCCC AaB AAB6CCC AaBbCcDaO Find -A CopyPasteS ReplaceВ IUvab х, х* АI Normal1 No Spac. Heading 1Heading 2TitleSubtitleSubtle Em..A Select vDictateEditorFormat PainterClipboardFontParagraphStylesEditingVoiceEditor1.247Use the following information to answer the next 3 questionsKite Corp. manufactures custom cabinets and uses a job-order costing system. The company hadtwo jobs in process at the beginning of October: Job No. 64 with a total beginning cost of $56,700and Job No. 65 with a total beginning cost of $83,300.The company applies manufacturing overhead on the basis of machine hours. Budgeted overheadand machine activity for the year were anticipated to be $3,021,000 and 57,000 machine hours.The company worked on four jobs during the month of October. Direct materials, direct laborincurred, and machine hours consumed were as follows:Direct Labor$35,000$22,000$65,000$ 8,800Job No.Direct MaterialMachine Hours64$21,0001,50090065$44,000$15,000662,00067200Indirect production costs incurred during October included charges for depreciation ($34,000),indirect labor ($68,000), indirect materials ($5,000), and other factory costs ($139,100). Kite Corp.completed Job No. 64 and Job No. 66 during October. Job 64 was sold on October 22nd.3.What is the balance in work in process at the end of October?a. $104,100 b. $129,100 c. $249,400 d. $187,400 e. $153,000 f. $130,200 g. $402,400 h. None of theabovePage 1 of 132 wordsEnglish (United States)D Focus100%8:40 PMO Type here to searchENG3/11/2021

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Work-in-progress (WIP) The cost of unfinished goods in the manufacturing process is called Work in…

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What is the balance in work in process at the end of October? la. $104,100 b. $129,100 c. $249,400 d. $187,400 e. $153,000 f. $130,200 g. $402,400 h. None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure. 

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.

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7
Use the following information to answer the next 3 questions
Kite Corp. manufactures custom cabinets and uses a job-order costing system. The company had
two jobs in process at the beginning of October: Job No. 64 with a total beginning cost of $56,700
and Job No. 65 with a total beginning cost of $83,300.
The company applies manufacturing overhead on the basis of machine hours. Budgeted overhead
and machine activity for the year were anticipated to be $3,021,000 and 57,000 machine hours.
The company worked on four jobs during the month of October. Direct materials, direct labor
incurred, and machine hours consumed were as follows:
Direct Labor
$35,000
$22,000
$65,000
$ 8,800
Job No.
Direct Material
Machine Hours
64
$21,000
1,500
900
65
$44,000
$15,000
66
2,000
67
200
Indirect production costs incurred during October included charges for depreciation ($34,000),
indirect labor ($68,000), indirect materials ($5,000), and other factory costs ($139,100). Kite Corp.
completed Job No. 64 and Job No. 66 during October. Job 64 was sold on October 22nd.
3.
What is the balance in work in process at the end of October?
a. $104,100 b. $129,100 c. $249,400 d. $187,400 e. $153,000 f. $130,200 g. $402,400 h. None of the
above
Page 1 of 1
32 words
English (United States)
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100%
8:40 PM
O Type here to search
ENG
3/11/2021

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