1 - Selected accounts with some debits and credits omitted are presented as foll

Question

1 -

Selected accounts with some debits and credits omitted are presented as follows:

If the balance of Work in Process at October 31 is $203,490, what was the amount of factory overhead applied in October?

Select the correct answer.

2 -

Poobah Manufacturers Inc. has estimated total factory overhead costs of $76,602 and 12,009 direct labor hours for the current fiscal year. The company uses direct labor hours to apply overhead. If job number 117 incurred 1,582 direct labor hours, the work in process account will be debited and factory overhead will be credited for:

Select the correct answer.

Work in Process Oct.01 Balance $267,320 Oct.31 Goods finished $146,190 Oct.31 Direct materials X Oct.31 Direct labor $50,100 Oct.31 Factory overhead X

Explanation / Answer

1) FActory overheads applied Oct=50100*0.3=15030

2) WIP debited and factory overhead credited for=76602/12009*1582 = 10091

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