During the First Month of the Current Accounting Period,Southern California

question 37

Essay

During the first month of the current accounting period,Southern California Company experienced a devastating loss due to a fire.Many of the accounting records were lost and the company is now trying to recreate the lost information.Fragments of data found include the following:
1.A portion of the budget indicates that the overhead rate was $10 per direct labor hour.
2.Job 74 was in process and had incurred $9,600 of direct materials and $14,000 of direct labor (1,000 hours).The company has a single hourly wage rate.
3.During the month,4,500 direct labor hours were worked.
4.Actual overhead costs were $48,000.No indirect materials were used.
5.The Materials Inventory account had a beginning balance of $28,000 and an ending balance of $18,000.
6.The Finished Goods Inventory account had a beginning balance of $12,000 and an ending balance of $26,000.
7.The Work in Process Inventory account had a beginning balance of $17,000.
8.The Cost of Goods Sold is $171,000.
Calculate the following amounts:
a.Ending Work in Process Inventory account balance,Job No.74
b.Cost of goods completed
c.Amount of overhead under- or overapplied.
d.Direct materials used
e.Direct materials purchased

Recognize Jung's unique contributions to personality development, particularly in middle age.

Describe Jung's approach to word association tests and their significance.

Discuss the practical applications and criticisms of Jungian theory in modern psychology.

Analyze the significance of introversion and extraversion in Jung's theory, including applications in the Myers-Briggs Type Indicator (MBTI).

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Definitions:

Period Costs

Period costs are those expenses not directly tied to the production process and include marketing, administration, and other overhead costs.

Beginning Work in Process Inventory

Beginning work in process inventory refers to the valuation of materials, labor, and overhead costs that have been partially completed but are not yet finished goods at the start of an accounting period.

Ending Work in Process Inventory

The value of goods in production but not yet completed by the end of an accounting period.

Cost of Goods Manufactured

The total cost incurred by a company to produce goods, including raw material, labor, and overhead costs, in a specific period.