Business, 01.02.2021 21:50 breannaasmith1122

Exercise 15-12 Analysis of costs assigned to work in process LO P3 Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Date Explanation Debit Credit Balance 2017 Dec. 31 Direct materials cost 1,500,000 1,500,000 31 Direct labor cost 300,000 1,800,000 31 Overhead applied 600,000 2,400,000 31 To finished goods 2,350,000 50,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work in process inventory at December 31, 2017. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to this job

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Exercise 15-12 Analysis of costs assigned to work in process LO P3 Lorenzo Company uses a job order...