msmallory1000
Aug 27, 2007, 06:47 PM
Work in Process Inventory as of January 31,2006:
-Beg. balance 136,000
Direct material 261,400
Direct labor 175,000
Applied overhead 124,600
The beg. balance of 136,000 contained 5000 direct labor hours. During January, 14,000 direct labor hours were recorded. Only one job was still in process on January 31. That job had 41,500 dollars in direct material and 3700 direct labor hours assigned to it. Overhead is applied to units using direct labor hours.
a. What was the predetermined overhead application rate for 2006?
b. What was the average direct labor rate per hour?
c. What was the balance in Work in Process Inventory at the end of January?
d. What was the total cost of jobs completed in January?
-Beg. balance 136,000
Direct material 261,400
Direct labor 175,000
Applied overhead 124,600
The beg. balance of 136,000 contained 5000 direct labor hours. During January, 14,000 direct labor hours were recorded. Only one job was still in process on January 31. That job had 41,500 dollars in direct material and 3700 direct labor hours assigned to it. Overhead is applied to units using direct labor hours.
a. What was the predetermined overhead application rate for 2006?
b. What was the average direct labor rate per hour?
c. What was the balance in Work in Process Inventory at the end of January?
d. What was the total cost of jobs completed in January?