Manufacturing overhead req no amount ticket hours

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Manufacturing Overhead Req. No. Amount Ticket Hours Amount Hours Rate Amount X7-6890 116 $ 36 8 88 $ 8 4 $ 32 $ Cost Summary Units Shipped Direct Materials 116 $ Date Number Balance Direct Labor 88 $ Manufacturing Overhead 32 $ Total Cost 236 $ Unit Product Cost 118 $
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3-18 Quick Check  ü   Job WR53 at NW Fab, Inc. required $200 of direct  materials and 10 direct labor hours at $15 per hour.  Estimated total overhead for the year was $760,000  and estimated direct labor hours were 20,000. What  would be recorded as the cost of job WR53? a. $200. b. $350. c. $380 . d. $730.
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3-19 Key Definitions 1. R a w mater ials  include any materials that go  into the final product. 2. Work in process  consists of units of production  that are only partially complete and will require  further work before they are ready for sale to  customers. 3. Finished goods  consist of completed units of  product that have not been sold to customers. 4. Cost of goods manufactured  include the  manufacturing costs associated with the goods  that were finished during the period,
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3-20 Flow of Costs: A Conceptual  Overview Finished Goods Cost of Goods Sold Selling and Administrative Period Costs Selling and Administrative Manufacturing Overhead Work in Process Direct Labor                                          Balance Sheet          Costs                         Inventories  Income  Statement Expenses Material Purchases Raw Materials
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3-21 Job-Order Costing:  The Flow of  Costs The transactions (in      T- account and journal  entry form) that capture  the flow of costs in a job- order costing system are  illustrated on the  following slides.
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3-22 Raw Materials l Material Purchases Mfg. Overhead Work in Process (Job Cost Sheet) Actual Applied l Direct Materials l Direct Materials l Indirect Materials l Indirect Materials The Purchase and Issue of Raw  Materials: T-Account Form
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3-23 Cost Flows – Material Purchases  On October 1, Smith Corporation had $5,000 in raw materials on hand. During the month, the company purchased $45,000 in raw materials. Raw Materials 45,000 Accounts Payable 45,000 (1)
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3-24 Issue of Direct and Indirect  Materials   On October 3, Smith had $43,000 in raw materials requisitioned from the storeroom for use in production. These raw materials included $40,000 of direct and $3,000 of indirect materials. Work in Process 40,000 Manufacturing Overhead 3,000 Raw Materials 43,000 (2)
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3-25 Mfg. Overhead Salaries and  Wages Payable Work in Process (Job Cost Sheet) l Direct    Materials l Direct Labor l Direct Labor l Indirect  Materials Actual Applied l Indirect Labor l Indirec t Labor Labor Costs
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3-26 Labor Costs During the month the employee time tickets included $35,000 of direct labor and $12,000 for indirect labor.
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