Work in Process: Under job order costing system, when the raw materials are being utilized, the work in process inventory increase and the raw materials inventory decreases because the raw materials are being transfer. Direct labor cost and overhead cost applied are also transferred to work in process inventory account. When a particular job is completed, the cost of manufacturing the product is transferred to the finished goods inventory account which is available for sale. To determine: 1. Computation of Predetermined Overhead Rate. 2. Compute the direct labor cost and overhead cost assigned to the job if only one job remained in work in process inventory at December 31, 2017 with direct materials cost of $30,000.

Question

Want to see the full answer?

Answer 1

Question

Chapter 19, Problem 12E

To determine

Work in Process:

Under job order costing system, when the raw materials are being utilized, the work in process inventory increase and the raw materials inventory decreases because the raw materials are being transfer. Direct labor cost and overhead cost applied are also transferred to work in process inventory account. When a particular job is completed, the cost of manufacturing the product is transferred to the finished goods inventory account which is available for sale.

To determine:

1. Computation of Predetermined Overhead Rate.

2. Compute the direct labor cost and overhead cost assigned to the job if only one job remained in work in process inventory at December 31, 2017 with direct materials cost of $30,000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Abc company has the following general accounting data for the year?

Quick answer of this general accounting question

What is its return on equity? Question for accounting

Answer 2

Question

Chapter 19, Problem 12E

To determine

Work in Process:

Under job order costing system, when the raw materials are being utilized, the work in process inventory increase and the raw materials inventory decreases because the raw materials are being transfer. Direct labor cost and overhead cost applied are also transferred to work in process inventory account. When a particular job is completed, the cost of manufacturing the product is transferred to the finished goods inventory account which is available for sale.

To determine:

1. Computation of Predetermined Overhead Rate.

2. Compute the direct labor cost and overhead cost assigned to the job if only one job remained in work in process inventory at December 31, 2017 with direct materials cost of $30,000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 19, Problem 12E

To determine

Work in Process:

Under job order costing system, when the raw materials are being utilized, the work in process inventory increase and the raw materials inventory decreases because the raw materials are being transfer. Direct labor cost and overhead cost applied are also transferred to work in process inventory account. When a particular job is completed, the cost of manufacturing the product is transferred to the finished goods inventory account which is available for sale.

To determine:

1. Computation of Predetermined Overhead Rate.

2. Compute the direct labor cost and overhead cost assigned to the job if only one job remained in work in process inventory at December 31, 2017 with direct materials cost of $30,000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 19, Problem 12E

To determine

Work in Process:

Under job order costing system, when the raw materials are being utilized, the work in process inventory increase and the raw materials inventory decreases because the raw materials are being transfer. Direct labor cost and overhead cost applied are also transferred to work in process inventory account. When a particular job is completed, the cost of manufacturing the product is transferred to the finished goods inventory account which is available for sale.

To determine:

1. Computation of Predetermined Overhead Rate.

2. Compute the direct labor cost and overhead cost assigned to the job if only one job remained in work in process inventory at December 31, 2017 with direct materials cost of $30,000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 19, Problem 12E

To determine

Work in Process:

Under job order costing system, when the raw materials are being utilized, the work in process inventory increase and the raw materials inventory decreases because the raw materials are being transfer. Direct labor cost and overhead cost applied are also transferred to work in process inventory account. When a particular job is completed, the cost of manufacturing the product is transferred to the finished goods inventory account which is available for sale.

To determine:

1. Computation of Predetermined Overhead Rate.

2. Compute the direct labor cost and overhead cost assigned to the job if only one job remained in work in process inventory at December 31, 2017 with direct materials cost of $30,000.

Answer 6

Chapter 19, Problem 12E

To determine

Work in Process:

Under job order costing system, when the raw materials are being utilized, the work in process inventory increase and the raw materials inventory decreases because the raw materials are being transfer. Direct labor cost and overhead cost applied are also transferred to work in process inventory account. When a particular job is completed, the cost of manufacturing the product is transferred to the finished goods inventory account which is available for sale.

To determine:

1. Computation of Predetermined Overhead Rate.

2. Compute the direct labor cost and overhead cost assigned to the job if only one job remained in work in process inventory at December 31, 2017 with direct materials cost of $30,000.

Answer 7

Chapter 19, Problem 12E

To determine

Work in Process:

Under job order costing system, when the raw materials are being utilized, the work in process inventory increase and the raw materials inventory decreases because the raw materials are being transfer. Direct labor cost and overhead cost applied are also transferred to work in process inventory account. When a particular job is completed, the cost of manufacturing the product is transferred to the finished goods inventory account which is available for sale.

To determine:

1. Computation of Predetermined Overhead Rate.

2. Compute the direct labor cost and overhead cost assigned to the job if only one job remained in work in process inventory at December 31, 2017 with direct materials cost of $30,000.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 19 - Prob. 1DQ Ch. 19 - Prob. 2DQ Ch. 19 - Prob. 3DQ Ch. 19 - Prob. 4DQ Ch. 19 - Prob. 5DQ Ch. 19 - Prob. 6DQ Ch. 19 - Prob. 7DQ Ch. 19 - Prob. 8DQ Ch. 19 - Prob. 9DQ Ch. 19 - Prob. 10DQ

Concept explainers

Videos

Want to see the full answer?

Chapter 19 Solutions