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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

A Company Uses a Job Order Costing System and Applies