Senator Technology's Work in Process Inventory on July 1 Has

question 230

Essay

Senator Technology's work in process inventory on July 1 has a balance of $49,000 representing Job No. 96. During July, $135,000 of direct materials were requisitioned for Job No. 96 and $8,600 of direct labour cost was incurred on Job No. 96. Manufacturing overhead is allocated at a rate of $15.00 per direct labour hour. Actual manufacturing overhead costs incurred in July amounted to $40,000. There were 1,200 actual direct labour hours worked in July. No new jobs were started during July. Job No. 96 is completed on July 28.
A) Determine the total cost assigned to Job No. 96.
B) Is manufacturing overhead over allocated or under allocated for the month of July? By how much?

• A) Determine the total cost assigned to Job No. 96.
• B) Is manufacturing overhead over allocated or under allocated for the month of July? By how much?

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Definitions:

Corporate Social Responsibility

An approach to business that involves incorporating considerations of the environment and social issues into operational processes and stakeholder interactions.

Environmentalism

The concern for and action towards protecting the environment against pollution and exploitation, aiming at promoting sustainability.

Stakeholders

Stakeholders are individuals, groups, or organizations that have an interest, concern, or stake in a project, decision, or outcome, and whose inputs can affect or be affected by that project.

Corporate Volunteerism

A program where businesses encourage their employees to volunteer their time and skills to community service projects, often as a part of the company's corporate social responsibility efforts.