A Company Uses a Job Order Costing System and Applies

question 109

Essay

A company uses a job order costing system and applies overhead on the basis of direct labor cost.A summary of the company's Work in Process Inventory account for December appears below.
Work In Process
Fill in the blanks for the following:
(1)The total cost of the direct materials,direct labor,and factory overhead for jobs still in progress is $________.
(2)The company's overhead application rate is ________%
(3)Job No.6 had $26,550 of direct labor cost.Therefore,the job must have had $________ of direct materials cost.
(4)Job No.8 had $73,998 of direct materials cost.Therefore,the job must have had $________ of factory overhead cost.

Familiarize with basic concepts and definitions in accounting including assets, liabilities, and owner's equity.

Identify ethical considerations in financial accounting on an international scale.

Grasp the types of business organizations and their commonality across different countries.

Understand the concept of present value and how it is affected by interest rates and time.

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Definitions:

Rational Thoughts

The process of thinking clearly, logically, and without emotional bias.

Traditional Authority

A type of leadership in which the authority of an organization or a ruling regime is largely tied to tradition or custom.

Legal

Pertaining to the system of rules that a particular country or community recognizes as regulating the actions of its members and may enforce by the imposition of penalties.

Charismatic

Relating to or characteristic of charisma, involving a compelling charm or presence that inspires devotion or admiration in others.