Homework SoursePartially completed job sheets for Freeley Co appear below T
Partially completed job sheets for Freeley Co. appear below. These are the only jobs this company has. (SEND YOUR WORK)
Job 10
Job 11
If these were the only two jobs in process on June 30, 2020, what was the balance in Work In Process Inventory on July 1, 2020? _____________________
what was the predetermined overhead rate?
| Date | Direct Materials | Direct Labor | Manufacturing Overhead | Total |
| 7/1 Beginning Balance | $6,000 | $8,000 | $10,000 | |
| 7/12 | $15,000 | |||
| 7/19 | $20,000 | |||
| 7/26 | $10,000 | |||
| 7/29 | $5,000 | |||
Solution
Answer
1 ) work in process inventory
job 10 = 6000 + 8000 + 10000
= 24000
job 11 = 3000 + 6000 + 7500
= 16500
= 24000 + 16500
= 40500
2 ) the predetermined overhead rate
= 10000 / 8000 or 7500 / 6000
= 125 %
