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B. Matriarch Incorporated uses a job-order costing system and a predeterm machine hours. At the...

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Accounting

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B. Matriarch Incorporated uses a job-order costing system and a predeterm machine hours. At the beginning of the year, the company estimated manufacturing would be $240,000 and machine hours would be 8,000 The following information pertains to November of the current year: overhead rate based on overhead for the year Job 10 Jobll Job 12 ol $16,000 $26,000 $38,000 $80,000 Work-in-process, Nov. 1 November production activity: Materials requisitioned s 4,000 $4,800 7,200 $16,000 Direct labor cost Machine hours Labor hours Actual manufacturing overhead cost incurred in November was $61,000. s 2,400 $3,600 4,000 $10,000 900 2,000 500 400 700 120 180 200 Required: a. Compute the predetermined overhead application rate b. Determine the total cost associated with each job. c. If jobs 10 and 12 were completed, prepared the journal entry to move the cost. d. If job 10 was delivered to customers that paid $50,000 cash, prepare the journal entries. What is the gross profit for job 10? e. Assuming no beginning work in process, what is the cost assigned to ending work in process? f. Assuming no beginning finished goods what is the cost assigned to ending finished goods? g. How much was overhead over/underapplied? C. D

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