labor , direct materials , and overhead are accumulated by department . The cost accumulation system that best describes the system that Smile Labs is using is :
Question 3 . Question : ( TCO 3 ) Kerner Manufacturing uses a process cost system to manufacture laptop computers . The following information summarizes operations relating to laptop computer model # KJK20 during the quarter ending March 31 :
Units
Direct Labor Work-in-process inventory , January 1 100 $ 50,000 Started during the quarter 500 Completed during the quarter 400 Work-in-process inventory , March 31 200 Costs added during the quarter $ 720,000 Beginning work-in-process inventory was 50 % complete for direct labor costs . Ending work-in-process inventory was 75 % complete for direct labor costs . What is the equivalent unit of production using the weighted-average unit cost inventory valuation method ?
Question 4 . Question : ( TCO 2 ) Sweet Co . uses budgeted overhead rates to apply overhead to individual jobs . They use a system based on direct labor hours . Last year , the company made the following estimates for this year .
Direct labor costs |
$ 48,000,000 |
Factory overhead costs |
$ 6,400,000 |
Direct Labor Hours |
80,000 |
Machine Hours |
110,000 |
( a ) What is the budgeted overhead rate for the company ? ( b ) If Job # 34567 had the following : Material costs were $ 500,000 ;