90.2K

Verified Solution

Link Copied!

QUESTION 6 All In My Mind, Corp. is a manufacturer that uses a job order costing system. It uses a single, plantwide predetermined overhead rate, and applies overhead at a rate of 150% of direct labor dollars. During the period, the firm started and completed several jobs. The following information was obtained related to costs incurred during the period: Direct materials used: $35,000 Indirect materials used: $7,300 Direct labor used: $26,400 Indirect labor used: $13,100 Actual other factory overhead costs: 520,100 Calculate the amount of under-or overapplied overhead: a. $300 overapplied. b. $19,200 overapplied. C. $900 overapplied. d. 5900 underapplied. oe. $300 underapplied. QUESTION 7 Ten Below, Inc. is a manufacturer that uses a job-order costing system. During the first period of operations, the firm started working on 3 jobs: L, S and W. Costs for these jobs are listed below: Job L Jobs Job W $65,100 $113,900 Costs incurred during the period Direct materials Direct labor Applied OH (160% of DL costs) $32,000 $60,000 $94,600 $50,000 $80,000 Finished (unsold) ) $51,200 $96,000 Finished (sold) Status at the end of the period In process As this is the first period of operations, assume the Work in process inventory account and the finished goods inventory account both had beginning balances of 50. What is the balance of the WIP inventory account and the Finished Goods inventory account as of the end of the period? a. WIP Inventory: $148,300; Finished Goods Inventory: $224,600 b. WIP Inventory: $148,300; Finished Goods Inventory: $269,900 C. WIP Inventory: $148,300; Finished Goods Inventory: $494,500 . WIP Inventory: $372,900; Finished Goods Inventory: $0 oe. WIP Inventory: $372,900; Finished Goods Inventory: $269,900

Answer & Explanation Solved by verified expert

See Answer