Elegant Furnishings Designs and Builds Upscale Dining Room Tables for Individual
Elegant Furnishings designs and builds upscale dining room tables for individual customers.On June 1,two jobs were in process: Braun with a beginning balance of $21,700; and Prince with a beginning balance of $8,790.Overhead costs are applied by using a rate of 70% of direct labour costs.Both jobs are unfinished at the end of June.Data on July costs for both jobs are as follows: Which of the following is the total of the work-in-process account at June 30?
Ending work in process for Hands On Carpentry was $64,000 for January.Direct labour and direct materials for the month had a combined total of $39,000.Direct labour was twice as much as direct materials.The overhead rate is 70% of direct labour.No jobs were finished during the month.What was the beginning work in process?
Which account can sometimes be skipped when a good is produced for a particular customer?
B)work in process
D)cost of goods sold
Which of the following statements is characteristic of overhead?
A)The adjusted cost of goods sold is equal to the normal cost of goods manufactured plus or minus the overhead variance.
B)If the overhead variance shows underapplied overhead, then that amount would be subtracted from normal cost of goods sold.
C)Variances in overhead are expected every other month.
D)If the overhead variance shows overapplied overhead, then that amount would be subtracted from normal cost of goods sold.