Beginning work-in-process inventory was 50 % complete for direct labor costs . Ending work-in-process inventory was 75 % complete for direct labor costs . What is the equivalent unit of production using the weighted-average unit cost inventory valuation method ? ( Points : 7 )
4 . ( TCO 2 ) Sweet Co . uses budgeted overhead rates to apply overhead to individual jobs . They use a system based on direct labor hours . Last year , the company made the following estimates for this year .
Direct labor costs |
$ 48,000,000 |
Factory overhead costs |
$ 6,400,000 |
Direct Labor Hours |
80,000 |
Machine Hours |
110,000 |
( a ) What is the budgeted overhead rate for the company ? ( b ) If Job # 34567 had the following :
Material costs were $ 500,000 ; Direct labor costs were $ 450,000 ; Direct labor hours were 25,000 ; and Machine hours were 36,000 , then what is the total cost of Job # 34567 ? ( Points : 30 )
5 . ( TCO 3 ) Adnan Company uses process costing . At the beginning of the month , there were 8,000 units in process , 90 % complete with respect to material and 80 % complete with respect to conversion costs . 40,000 units were started during the month and 40,000 units were completed . The units in ending Work-In-Process Inventory were 70 % complete with respect to material and 10 % complete with