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Category > Accounting Posted 22 Jul 2017 My Price 7.00

Lopez Company

Lopez Company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material cost. At year-end, the Goods in Process Inventory account shows the following.

Date

Explanation

Debit

Credit

Balance

2011

        

Dec. 31

Direct materials cost

1,500,000

  

1,500,000

31

Direct labor cost

240,000

  

1,740,000

31

Overhead costs

450,000

  

2,190,000

31

To finished goods

 

2,100,000

90,000
           

1. Determine the overhead rate used (based on direct material cost).

 

2. Only one job remained in the goods in process inventory at December 31, 2011. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to it?

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Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 10:07 PM My Price 7.00

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