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Lopez company uses a job order cost accounting system that

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Lopez Company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material cost. At year-end, the Goods in Process Inventory account shows the following.

Date Explanation Debit Credit Balance
2011



Dec. 31 Direct materials cost 1,700,000
1,700,000
        31 Direct labor cost 290,000
1,990,000
        31 Overhead costs 646,000
2,636,000
        31 To finished goods
2,547,000 89,000
1.

Determine the overhead rate used (based on direct material cost).
  Overhead rate %
2.

Only one job remained in the goods in process inventory at December 31, 2011. Its direct materials cost is $37,000. How much direct labor cost and overhead cost are assigned to it?


  Direct labor cost $
  Overhead cost $

Reference no: EM13577930

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