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They use a job order system & apply overhead base on percentage of direct labour cost
Work in Process Inventory account during March are given below.
Work in Process Beginning Balance 0 Transferred out 240,000 Direct Materials 45,000 Direct Labour 75,000 Overhead 225,000 Ending Balance 105,000 Only Job # 007 was still in process at the end of March and this job had been charged with $15,000 in direct material cost. a)How do I calculate the amount of direct materials cost charged to completed jobs during March. b) How do I calculate the predetermined overhead application rate at Trinco. (2 marks) = Answer = 225000/75000=3 (Is this correct?) c) What is the journal entry which accounts for the $240,000 transferred out of work in process inventory? Please I need help... |
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