Solved: Lorenzo company uses a job order cost accounting system, Managerial Accounting

Lorenzo company uses a job order cost accounting system

Lorenzo Company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material cost. At year end, the Goods in Process Inventory account shows the following.

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1. Determine the overhead rate used (based on direct material cost).

2. Only one job remained in the goods in process inventory at December 31, 2013. Its direct materials cost is $ 30,000. How much direct labor cost and overhead cost are assigned to it?

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Managerial Accounting: Lorenzo company uses a job order cost accounting system

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