2014 Date Explanantion Debit Credit Balance Dec. 31 Direct materials cost $ 1,25

Question

2014 Date Explanantion Debit Credit Balance Dec. 31 Direct materials cost $                        1,250,000 $        1,250,000 31 Direct labor cost $                           300,000 $        1,800,000 31 Overhead costs $                           400,000 $        2,400,000 31 To finished goods $        2,350,000 $              50,000 1) Determine the overhead rate used (based on the direct material cost). 2) Only one job remained in the goods in process inventory at December 31, 2014. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to it? 2014 Date Explanantion Debit Credit Balance Dec. 31 Direct materials cost $                        1,250,000 $        1,250,000 31 Direct labor cost $                           300,000 $        1,800,000 31 Overhead costs $                           400,000 $        2,400,000 31 To finished goods $        2,350,000 $              50,000 1) Determine the overhead rate used (based on the direct material cost). 2) Only one job remained in the goods in process inventory at December 31, 2014. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to it?

Explanation / Answer

Answer:1) Overhead rate=($400000/$1250,000)*100=32%

Answer:2)

Direct materials 30000 Direct labor 10400 50000-30000-9600 Overhead 9600 Total 50000

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