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Hamilton Pty Ltd Uses a Standard Costing System for Product

question 24

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Hamilton Pty Ltd uses a standard costing system for product costing.The company uses direct labour hours as the cost driver to apply overhead costs.The following amounts were budgeted for the year:
The following were the actual results:
Calculate the amount of overhead cost applied to work in process inventory. Hamilton Pty Ltd uses a standard costing system for product costing.The company uses direct labour hours as the cost driver to apply overhead costs.The following amounts were budgeted for the year: The following were the actual results: Calculate the amount of overhead cost applied to work in process inventory.     A)  $1 520 000 B)  $1 536 000 C)  $1 550 000 D)  $1 600 000
Hamilton Pty Ltd uses a standard costing system for product costing.The company uses direct labour hours as the cost driver to apply overhead costs.The following amounts were budgeted for the year: The following were the actual results: Calculate the amount of overhead cost applied to work in process inventory.     A)  $1 520 000 B)  $1 536 000 C)  $1 550 000 D)  $1 600 000


Definitions:

Accounting Records

Documentation and books that keep track of the financial transactions of a business or individual, forming the basis for its financial statements.

Asset

Resources controlled by a business from which future economic benefits are expected to flow to the business, including both physical items and intangible properties.

Credit

An entry on the right side of a double-entry bookkeeping system that increases liabilities and equity or decreases an asset or expense.

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