During 2022, Waterway Manufacturing estimated that Job No. 26 would incur $300000 of overhead, $500000 of materials, and $200000 in labor. Waterway applied overhead based on direct labor cost. Actual production required an overhead cost of $350000, $530000 in materials used, and $250000 in labor. All of the goods were completed. What amount was transferred to Finished Goods Inventory?

During 2022, Waterway Manufacturing estimated that Job No. 26 would incur $300000 of overhead, $500000 of materials, and $200000 in labor. Waterway applied overhead based on direct labor cost. Actual production required an overhead cost of $350000, $530000 in materials used, and $250000 in labor. All of the goods were completed. What amount was transferred to Finished Goods Inventory?

Name: I have the formula as beginning finished goods + cost of manufactored
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Description: I have the formula as beginning finished goods + cost of manufactored goods-cost of goods sold. However I am confused how to apply that formula to this problem During 2022, Waterway Manufacturing estimated that Job No. 26 would incur $300000 of overh

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 2PA: York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of...

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