{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

294 MIDTERM PRACTICE 2 SOLUTIONS

294 MIDTERM PRACTICE 2 SOLUTIONS - SOLUTION Question#1(7...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
SOLUTION Question #1 (7 marks, suggested time 7 minutes) Job Order Costing Required: 1. If overhead is applied on the basis of direct labor hours, what is the overhead rate? (2 marks) CMP EDIT: note that there are no direct labour hours given; use labour dollars instead. Applied overhead – Job 65 $840 = 120% Direct labor 700 2. Calculate cost of goods sold for January (5 marks) Jobs finished - Job 67 Job 68 Beginning WIP $6,180 -- Materials 520 1,600 Direct labor 300 1,300 Overhead applied 360 1,560 Total costs $7,360 $4,460
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon