Meyers Corporation had the following inventory balances at the beginning and end of November:
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Meyers Corporation had the following inventory balances at the beginning and end of November:
November 1 November 30
Raw Materials
$ 24,000 $ 18,000
Finished Goods
$ 66,000 $ 45,000
Work in Process
$ 9,000 $ 15,000
During November, $51,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $6 per direct labor-hour, and it paid its direct labor workers $9 per hour. A total of 300 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $6,000 of direct materials cost. The Corporation incurred $36,000 of actual manufacturing overhead cost during the month and applied $33,000 in manufacturing overhead cost.
The direct materials cost in the November 1 Work in Process inventory account totaled:
$6,300
$4,500
$7,200
$2,700
The actual direct labor-hours worked during November totaled: (Round your answers to the nearest dollar.)
3,667 hours
5,500 hours
4,000 hours
6,000 hours
Answers: 2
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