What was the balance in work in process inventory onjuly 1, Accounting Basics

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What was the balance in work in process inventory onjuly 1

Job cost sheets for Yoda Manufacturing are as follows:

Job No210 Quantity 1,500

Date DirectMaterials DirectLabor Overhead

July 1 7,000 8,000 12,000

8 8,500

10 11,000

15 5,500

25 14,000

Job No211 Quantity 1,200

Date DirectMaterials DirectLabor Overhead

July 1 4,000 6,000 9,000

10 9,000

15 8,000

20 7,000

27 12,000

Part a: What was the balance in Work in Process Inventory onJuly 1 if these were the only unfinished jobs?

Part b: What was the predetermined overhead rate in June ifoverhead was applied on the basis of direct labor cost?

Part c: If July is the start of a new fiscal year and theoverhead rate is 20% higher than in the preceding year, how muchoverhead should be applied to Job 210 in July?

Part d: Assuming Job 210 is complete, what is the total and unitcost of the job?

Part e: Assuming Job 211 is the only unfinished job at July 31,what is the balance in Work in Process Inventory on this date?

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Accounting Basics: What was the balance in work in process inventory onjuly 1

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Accounting Basics: What was the balance in work in process inventory onjuly 1

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Accounting Basics: What was the balance in work in process inventory onjuly 1

Reference No:- TGS0596256

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