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Q1) Dasilvia Company had only 1 job in process on May 1. Job had been charged with $1,400 of direct materials, $6,192 of direct material, and $5712 of manufacturing overhead cost. Company allocates overhead cost to jobs using predetermined overhead rate of $11.90 per direct labor hour. In May the following activity was recorded

Raw materials (all direct materials)

Beginning balance $8,500
Purchase during the month $48,000
Used in production $51,800

Labor:

Direct labor-hours worked during the month 1,900
Direct labor cost incurred $24,510
Actual manufacturing overhead costs incurred $21,000

  Inventories:

Raw material, May 30 ?
Work in process, May 30 19,536

1) Cost of goods produced for May was:

a.$98.920

b.$92,688

c.$120,800

d.$97,310

2) Balance in raw materials inventory account on May 30 was:

a.$4,700

b.$43,300

c.$3,800

d.9,500

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M918983

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