Author Question: Stone Cliff Company manufactures custom-order furniture. During 2020, actual manufacturing overhead ... (Read 12 times)

booty5 · **on:** Feb 5, 2023

Stone Cliff Company manufactures custom-order furniture. During 2020, actual manufacturing overhead totaled $720,000. Based on the 2020 results, and projected production for 2021, management prepared the 2021 budget and estimated that manufacturing overhead would total $800,000. The estimated number of direct labor hours for 2021 is 50,000, and the estimated amount of direct labor cost is $1,000,000. The company plans to use direct labor hours as the basis to allocate overhead to jobs. During May and June 2021, employees worked on the following four jobs:

Monthly data	Job X43	Job X87	Job Z22	Job A33
May
Direct materials	$86,000	$72,000	$44,000	$38,000
Direct labor cost	$101,000	$91,000	$78,000	$52,000
Direct labor hours	5,050	4,550	3,900	2,600
June
Direct materials	$24,000	$41,000	$35,000	$24,000
Direct labor cost	$28,000	$52,000	$62,000	$32,800
Direct labor hours	1,400	2,600	3,100	1,640

All jobs were started in May. Jobs X87 and A33 were completed and delivered to customers during June. What is the balance of the Work in Process Inventory account on June 30?
◦ $673,200
◦ $342,200
◦ $215,200
◦ $458,000

char00char · **Reply #1 on:** Feb 5, 2023

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