Partially completed job sheets for Freeley Co. appear below. These are the only
ID: 2394123 • Letter: P
Question
Partially completed job sheets for Freeley Co. appear below. These are the only jobs this company has. (SEND YOUR WORK) Job 10 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 Job 11 Date Direct Materials Direct Labor Manufacturing Overhead Total 7/1 Beginning Balance $3,000 $6,000 $7,500 7/5 $8,000 7/15 $9,000 7/20 $7,000 7/31 $14,000 Job 10 was completed on July 29, 2020. What was the July 31, 2020 balance in Work In Process? _________________________
What was the amount of overhead applied?
Explanation / Answer
Job 10 Date Direct materials Direct labor Mfg.OH Total Beginning Balance 1-Jul 6000 8000 10000 24000 12-Jul 3750 5000 6250 15000 19-Jul 5000 6667 8333 20000 26-Jul 2500 3333 4167 10000 29-Jul 1250 1667 2083 5000 Total 29-Jul 18500 24667 30833 74000 Total cost on all days split in the ratio of beginning balance ,ie. 6:8:10 Job 11 Beginning Balance 1-Jul 3000 6000 7500 16500 5-Jul 1455 2909 3636 8000 15-Jul 1636 3273 4091 9000 20-Jul 1273 2545 3182 7000 31-Jul 2545 5091 6364 14000 9909 19818 24773 54500 Total cost on all days split in the ratio of beginning balance ,ie. 3:6:7.5 ANSWERS: July 31, 2020 balance in Work In Process Job 11 54500 Amount of overhead applied 30833+24773= 55606