# Answered Essay: Following is partial information for Delamunte Industries for the month of August: Work In Process \$ 41,000 Balance, Augu

Following is partial information for Delamunte Industries for the month of August:

Following is partial information for Delamunte Industries for the month of August: Work In Process \$ 41,000 Balance, August 1 Direct materials used Direct labor Manufacturing overhead applied 75,000 120,000 90,000 Jobs finished during August are summarized heree Job # 234 237 231 246 Cost of Jobs Completed \$58,000 65,000 74,500 67,500 Required: At the end of August, only one job, Job 248, was still in process. The direct labor cost incurred on Job 248 as of August 31 was \$24,000 1. Calculate the predetermined overhead rate that was used to apply manufacturing overhead to jobs during August. (Round your answer to 2 decimal places.) Predetermined Overhead Rate per Direct Labor dollar

 1 Predetermined oerhead rate=Manufacturing overhead applied/Direct labor=90000/120000=0.75 per direct labor \$ 2 Balance in work in process Opening balance 41000 Add: Direct materials used 75000 Direct labor 120000 Manufacturing overhead applied 90000 285000 326000 Less:Cost of completed jobs transferred to finished goods Job 234 58000 Job 237 65000 Job 231 74500 Job 246 67500 265000 Closing balance 61000 3 Only Job 248 was still in process. It means that Balance in work in process attributable to Job 248 Applied overhead=0.75 per direct labor \$=0.75*24000=18000 Total cost of Job 248=Balance in work in process=61000 Direct labor cost=\$24000 Manufacturing overhead applied=18000 Direct material cost=Balance in work in process-Direct labor cost-Manufacturing overhead applied Direct material cost=61000-24000+18000=\$ 19000 Direct material cost=\$19000 Applied overhead=\$18000
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