Components of Ending Work-in-Process The Oxford Company uses a job order cost system and applies...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Components of Ending Work-in-Process
The Oxford Company uses a job order cost system and applies factory overhead to jobs on the basis of direct labor cost. During the month of July, the following activities took place in the work-in-process account:
Work-in-Process
Beginning
$15,000
Direct materials
$10,000
Direct Labor
$30,000
Overhead Applied
$15,000
To Finished Goods
$50,000
At the end of July, only one job (Job #15), was still in process. This job has been charged with $2,000 of direct materials cost.
Required:
Determine the amount of labor cost incurred and overhead applied in the ending inventory of work-in-process on July 31.
A step-by-step on how to get started and work through this problem would be super appreciated!
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
