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Question
A company uses a job order cost accounting system and applies overhead on the basis of direct labor cost. A summary of the company's Goods in Process Inventory account for December appears below.
| Goods in Process | |||||||
| Date | Explanation | PR | Debit | Credit | Balance | ||
| Dec. 1 | 73,800 | ||||||
| Dec. | Direct Materials | G-20 | 235,800 | 309,600 | |||
| Dec. | Direct Labor | G-20 | 117,000 | 426,600 | |||
| Dec. | Factory Overhead | G-20 | 187,200 | 613,800 | |||
| Dec. | Job No. 5 completed | G-8 | 90,900 | 522,900 | |||
| Dec. | Job No. 6 completed | G-10 | 131,400 | 391,500 | |||
| Dec. | Job No. 7 completed | G-12 | 73,800 | 317,700 | |||
| Dec. 31 | Job No. 8 completed | G-15 | 168,300 | 149,400 | |||
Fill in the blanks for the following:
(1) The total cost of the direct materials, direct labor, and factory overhead applied in the December 31 goods in process inventory 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.
Answer
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