Red Wing Company applies factory overhead based on direct labor costs. The company incurred the...
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Accounting
Red Wing Company applies factory overhead based on direct labor costs. The company incurred the following costs during 2011: direct materials costs, $637,500; direct labor costs, $2,500,000; and factory overhead costs applied, $1,000,000.
1.
Determine the companys predetermined overhead rate for year 2011. (Omit the "%" sign in your response.)
Predetermined overhead rate
%
2.
Assuming that the companys $57,000 ending Goods in Process Inventory account for year 2011 had $18,000 of direct labor costs, determine the inventorys direct materials costs. (Omit the "$" sign in your response.)
Direct materials costs
$
3.
Assuming that the companys $337,485 ending Finished Goods Inventory account for year 2011 had $137,485 of direct materials costs, determine the inventorys direct labor costs and its overhead costs. (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)
Direct labor cost
$
Factory overhead costs
$
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