Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Balance on 3/1 $ 4,900 3,700 Process Job 33 Job 34 $ 8,600 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets End Status of Job at Month- $ 4,700 Completed and sold Job 33 $ 2,700 Completed, but not sold 2,500 Job 34 4,700 2,200 In process 2,400 Job 35 3,700 1,200 Indirect $10,100 $14,000 The company applies overhead to products at a rate of 65 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. Total Manufacturing Cost Job 33 Job 34 Job 35 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Balance on 3/1 $ 4,900 3,700 Process Job 33 Job 34 $ 8,600 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets End Status of Job at Month- $ 4,700 Completed and sold Job 33 $ 2,700 Completed, but not sold 2,500 Job 34 4,700 2,200 In process 2,400 Job 35 3,700 1,200 Indirect $10,100 $14,000 The company applies overhead to products at a rate of 65 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. Total Manufacturing Cost Job 33 Job 34 Job 35 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter4: Job-order Costing And Overhead Application
Section: Chapter Questions
Problem 26BEA: Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods,...
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