Jean-Pierre, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Direct Labor (DL)Hours incurred.Expected DL Hours for October 2022 - 1,800 DL HoursExpected Overhead for October 2022 - $144,000Beginning and ending inventory balances for October:10/1/2210/31/22Materials Inventory$28,00025,000During October of 2022:Required:WIP Finished Fakes Inventory$29,00022,000$50,00055,000Jean-Pierre, Inc. purchased $55,000 of MaterialsIncurred $57,350 of Direct Labor (1,850 DL Hours @ $31 per DL Hour)Incurred Manufacturing Overhead totaling $151,000What is Cost of Goods Manufactured for October 2022?What is Cost of Goods Sold for October 2022 before closing any over/under applied overhead toCOGS?What is COGS if any over/under applied overhead is closed to COGS?What is Jean-Pierre, Inc.'s October gross profit if they sold the finished Fakes for $350,000?

The cost of goods manufactured includes the total cost of goods that are finished during the period.…

Jean-Pierre, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Di Hours incurred. ● Beginning and ending inventory balances for October: Expected DL Hours for October 2022 - 1,800 DL Hours Expected Overhead for October 2022 - $144,000 10/1/22 10/31/22 ● During October of 2022: ● Jean-Pierre, Inc. purchased $55,000 of Materials ● Materials Inventory $28,000 25,000 Required: WIP $50,000 55,000 ● Incurred $57,350 of Direct Labor (1,850 DL Hours @ $31 per DL Hour) Incurred Manufacturing Overhead totaling $151,000 Finished Fakes Inventory $29,000 22,000 What is Cost of Goods Manufactured for October 2022? What is Cost of Goods Sold for October 2022 before closing any over/under ap COGS? What is COGS if any over/under applied overhead is closed to COGS? What is Jean-Pierre, Inc.'s October gross profit if they sold the finished Fakes

Jean-Pierre, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Di Hours incurred. ● Beginning and ending inventory balances for October: Expected DL Hours for October 2022 - 1,800 DL Hours Expected Overhead for October 2022 - $144,000 10/1/22 10/31/22 ● During October of 2022: ● Jean-Pierre, Inc. purchased $55,000 of Materials ● Materials Inventory $28,000 25,000 Required: WIP $50,000 55,000 ● Incurred $57,350 of Direct Labor (1,850 DL Hours @ $31 per DL Hour) Incurred Manufacturing Overhead totaling $151,000 Finished Fakes Inventory $29,000 22,000 What is Cost of Goods Manufactured for October 2022? What is Cost of Goods Sold for October 2022 before closing any over/under ap COGS? What is COGS if any over/under applied overhead is closed to COGS? What is Jean-Pierre, Inc.'s October gross profit if they sold the finished Fakes

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 11PB: When setting its predetermined overhead application rate. Tasty Turtle estimated its overhead would...

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