What was amount debited to work in process for factory

Assignment Help Financial Accounting

Reference no: EM131284752

Selected accounts with some debits and credits omitted are presented as follows: Work in Process Aug. 01 Balance $278,460 Aug.31 Goods finished $131,640 Aug. 31 Direct materials X Aug. 31 Direct labor $46,300 Aug.31 Factory overhead X Factory Overhead Aug.01-31 Costs incurred $118,770 Aug.01 Balance $14,250 Aug.31 Applied (30% of direct labor cost) X If the balance of Work in Process at August 31 is $218,930, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30%? Select the correct answer. $13,890 $118,770 $131,640 $14,250

Reference no: EM131284752

Questions Cloud

Conversion costs under the weighted-average method : Valley Manufacturing Corporation's beginning work in process inventory consisted of 13,500 units, 100% complete with respect to materials cost and 30% complete with respect to conversion costs. The equivalent unit cost was computed to be $2.7 for mat..

I rarely see a real variable cost or a truly fixed cost : The controller of a privately held company stated, "I rarely see a real variable cost or a truly fixed cost." What did she mean? Include in your response an explanation of the difference in behavior of variable and fixed cost, including an example to..

Deterime their agi and taxable income for the year : Joe and Jessie are married and have one dependent child, Lizzie. Joe works in manufacturing and Jesse runs a craft business from their home. Joe and Jessie own their home and pay interest on their home loan. deterime their AGI and taxable income for ..

Concisely recommend specific controls the fair officials : The local county fair has provided enjoyment for area residents for Inany years. In recent years, attendance at the nine-day fair has increased, and the fair officials recognize the need to improve the controls over cash receipts. Clearly and concise..

What was amount debited to work in process for factory : Selected accounts with some debits and credits omitted are presented as follows: Work in Process Aug. 01 Balance $278,460 Aug.31 Goods finished $131,640 Aug. 31 Direct materials X Aug. 31 Direct labor $46,300 Aug.31 Factory overhead X Factory Overhea..

Used the home-equity proceeds to purchase a car : Sylvester files as a single taxpayer during 2016 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $9,700, real estate taxes of $3,500, state income taxes of $6,000, and interest o..

Which classification will result in a higher basic earnings : Tablot Inc. acquired the common stock of Evers Inc. for $150,000 on December 1, 2016. At December 31, 2016, the fair value of the Evers common had decreased to $145,000. Which classification will result in a higher total stockholders’ equity at Decem..

Quarterly income statement showing contribution margins : Agnew Manufacturing produces and sells three models of a single product, Standard, Superior, and DeLuxe, in a local market and in a regional market. Assuming there are no alternative uses for Agnew’s present capacity, would you recommend dropping the..

What is the net income for the current period : A company’s December 31 work sheet for the current period appears below. Based on the information provided, what is the net income for the current period?

User Account

All Pages