Maurice Tutor

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Category > Accounting Posted 19 Aug 2017 My Price 6.00

Polaski Inc.

36.     LO.4 (Journal entries) Polaski Inc. uses an actual cost, job order system. The follow- ing transactions are for August 2010. At the beginning of the month, Direct Material Inventory was $2,000, Work in Process Inventory was $10,500, and Finished Goods Inventory was $6,500.

•            Direct material purchases on account totaled $90,000.

•            Direct labor cost for the period totaled $75,600 for 8,000 direct labor hours; these costs were paid in cash.

•            Actual overhead costs were $82,000 and are applied to production.

•            The ending inventory of Direct Material Inventory was $3,500.

•            The ending inventory of Work in Process Inventory was $7,750.

•            Goods costing $243,700 were sold for $350,400 cash.

a.     What was the actual OH rate per direct labor hour? b Journalize the preceding transactions.

c. Determine the ending balance in Finished Goods Inventory.

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 12:08 AM My Price 6.00

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