Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 8.00

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 1,700,000   1,700,000
31 Direct labor cost 290,000   1,990,000
31 Overhead costs 646,000   2,636,000
31 To finished goods   2,547,000 89,000

 

1.

Determine the overhead rate used (based on direct material cost). (Omit the "%" sign in your response.)

 

Overhead rate %

 

2.

Only one job remained in the goods in process inventory at December 31, 2011. Its direct materials cost is $37,000. How much direct labor cost and overhead cost are assigned to it? (Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)

 

   
Direct labor cost $
Overhead cost $

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 05:08 PM My Price 8.00

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