question meyers corporation had the following inventory balances at thebeginning and 4293592
Question
Meyers Corporation had the following inventory balances at thebeginning and end of November:
|
|
November 1 |
|
November 30 |
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|
RawMaterials |
$ |
8,000 |
|
$ |
18,000 |
|
Finished Goods |
$ |
22,000 |
|
$ |
15,000 |
|
Work in Process |
$ |
3,000 |
|
$ |
5,000 |
|
|
|||||
|
During November, $17,000 in raw materials (all direct materials)were drawn from inventory and used in production. The company'spredetermined overhead rate was $7 per direct labor-hour, and itpaid its direct labor workers $9 per hour. A total of 100 hours ofdirect labor time had been expended on the jobs in the beginningWork in Process inventory account. The ending Work in Processinventory account contained $2,000 of direct materials cost. TheCorporation incurred $12,000 of actual manufacturing overhead costduring the month and applied $11,000 in manufacturing overheadcost.
$2,100 $1,400 $2,300 $900
1,571 hours 1,222 hours 1,714 hours 1,333 hours Please show work. Thanks |