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Question

xWieyPLUS https//edugen. wileyplus.com/edugen/student/mainfr.uni na Chmelar Obitue Imported From IE WileyPLUS: Heip I Contact Us I Log O Kimmel, Accounting, 6e PRINCIPLES OF ACCOUNTING (ACC 211 and 212 ice Assignment Gradebook ORION Downloadable eTextbook ent CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Multiple Choice Question 78 Concord Corporation uses job order costing for its brand new line of sewing machines. The cost incurred for production during 2017 totaled $11000 of materials, $7000 of direct labor costs, and $4000 of manufacturing overhead applied. The company ships all goods as soon as they are completed which results in no finished goods inventory on hand at the end of any year. Beginning work in process totaled $8000, and the ending balance is $5000. During the year, the company completed 25 machines. How much is the cost per machine? $1200 $1000 $760 $880 LINK TO TEXT Question Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER usePolsv 1 2090-201aJohn Wilevisonsuns. All Rights Reserved. A Division of lahnwiseasons Version 4.24.5.1

Explanation / Answer

Cost of Completed Goods = (Beginning Work in Process + Cost of Production Incurred – Closing Work in process)

Cost of Production Incurred during the period

Item

Amount (in dollars)

Direct Material

11,000

Direct labor costs

7,000

Manufacturing Overhead applied

4,000

Total Production cost incurred during the month

22,000

Beginning Work in Process = $8,000

Closing Work in Process =$5,000

Cost of Completed Goods =8,000 + 22,000 – 5,000 = $25,000

Completed Machines = 25

Cost per Machine = 25,000/25 =$1,000