Meyers Corporation had the following inventory balances at the beginning and end

Question

Meyers Corporation had the following inventory balances at the beginning and end of November:

During November, $17,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $7 per direct labor-hour, and it paid its direct labor workers $9 per hour. A total of 100 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $2,000 of direct materials cost. The Corporation incurred $12,000 of actual manufacturing overhead cost during the month and applied $11,000 in manufacturing overhead cost.

1). The direct materials cost in the November 1 Work in Process inventory account totaled:

$2,100

$1,400

$2,300

$900

2). The actual direct labor-hours worked during November totaled: (Round your answers to the nearest dollar.)

1,571 hours

1,222 hours

1,714 hours

1,333 hours

Please show work. Thanks

November 1 November 30   Raw Materials $ 8,000 $ 18,000   Finished Goods $ 22,000 $ 15,000   Work in Process $ 3,000 $ 5,000

Explanation / Answer

Answer to 1= $ 1400

Answer to 2 = 1571 hours

details working for both the answer given below :-

1) Direct Material cost in November 1 WIP $ WIP as on November 1             3,000 Less :- Labour Costing in WIP (100 X9)                 900 Less:- overhead cost in WIP (100X7)                 700 Material cost in WIP on November 1             1,400 2. Total labour worked hours in November Total overhead cost applied in November $ 11000 Overhead applied rate $ 7 per hour Actual Hrs of working             1,571 (11000/7)

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