17. LO.4 (Cost accumulation) Blaine Corp. makes floats for Mardi Gras in New Orleans.The company's fiscal year ends on March 31. On January 1, 2010, the company's WIPInventory account appeared as follows:Work in Process InventoryBeginning balance916,650Cost of completed jobs??Direct material589,670Direct labor159,600Applied overhead127,680The direct labor cost contained in the beginning balance of WIP Inventory was for atotal of 15,200 direct labor hours (DLHs). During January, 7,600 DLHs were recorded.Only one job was still in process on January 31. That job had $73,250 in direct materialand 2,850 DLHs assigned to it.a. If overhead is applied on the basis of DLHs, what predetermined OH rate was ineffect during the company's 2009-2010 fiscal year?b. What was the average direct labor rate per hour?c. What amount of direct material cost was in the beginning balance of WIPInventory?d. What was the balance in WIP Inventory at the end of January?e. What was the total cost of jobs manufactured in January?

The overhead rate is a cost connected with the manufacturing of a product or service. Overhead costs…

Answered: Work in Process Inventory ce 916,650…

Work in Process Inventory ce 916,650 Cost of completed jobs ?? 589,670 159,600 d 127,680 cost contained in the beginning balance of WIP Inventory was for a

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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the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
Ef 13.
e. What was the Work-in-Process f. What was the Work-in-Process Inventory on November 1? Inventory on November 30?
*need help with C please *
Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Direct materials available for production Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Fixed manufacturing overhead costs
PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Pracess nventory $ 342 S 92 Beginning imventory Purchases Materials avalable for use Ending inentory Beginning inventory Materials used in production Drect labor 1,533 1,535 Overhead applied Manufacturing costs incurred Ending inventory 321 22441 Materials used in production Cost of Geods Marufactured Finished Goods Inventory Beginning inventory Coot of Goeds Mandactured Goods Available for Sale Ending inventory Cost of Goods Sold $25,002 21.788 ANSWER Raw Materials Beginning inventory Purchases Material available for use Ending inventey Materials used in production Work in Process Iaventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cast of goods manufactured Finished Goods Iaventory Beginning inventory Cast of goods manufactured Goods available for sale Ending inventory Cost of goods sold