John Manufacturing Company manufactures one product that has several model styles. All materials are added at the beginning of production. Manufacturing overhead is applied as a percentage of direct labor cost. On January 1, 20X1, one job, DE31, was in process, with the following accumulated costs: Materials Direct labor Manufacturing overhead Total $10,000 5,000 1,000 $16,000 The beginning finished goods inventory for John Manufacturing Company on January 1, 20X1, was $30,000. The following additional data is given for the month of January: Total labor costs incurred Total cost of completed Job DE31 Total materials costs incurred $40,000 21,000 23,000 In addition, Job JA01 was begun and completed during the month. Its costs included materials of $10,000 and labor of $4,000. Job JA02 was begun during the month and was in process at the end of the month. During the month, sales were $100,000, and the gross profit rate was 40 percent. Required: 1. For Jobs DE31, JA01, and JA02, calculate the cost of materials, labor, and overhead for the month of January to find the total cost of each job. 2. Prepare a schedule of cost of goods sold for the month of January.

John Manufacturing Company manufactures one product that has several model styles. All materials are added at the beginning of production. Manufacturing overhead is applied as a percentage of direct labor cost. On January 1, 20X1, one job, DE31, was in process, with the following accumulated costs: Materials Direct labor Manufacturing overhead Total $10,000 5,000 1,000 $16,000 The beginning finished goods inventory for John Manufacturing Company on January 1, 20X1, was $30,000. The following additional data is given for the month of January: Total labor costs incurred Total cost of completed Job DE31 Total materials costs incurred $40,000 21,000 23,000 In addition, Job JA01 was begun and completed during the month. Its costs included materials of $10,000 and labor of $4,000. Job JA02 was begun during the month and was in process at the end of the month. During the month, sales were $100,000, and the gross profit rate was 40 percent. Required: 1. For Jobs DE31, JA01, and JA02, calculate the cost of materials, labor, and overhead for the month of January to find the total cost of each job. 2. Prepare a schedule of cost of goods sold for the month of January.

Name: hey please help thanku John Manufacturing Company manufactures one pro
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Description: hey please help thanku John Manufacturing Company manufactures one product that has several model styles. All materials are added at the beginning ofproduction. Manufacturing overhead is applied as a percentage of direct labor cost. On January 1, 20X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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