A company that uses job order costing reports the costs incurred below. Overhead is applied at the rate of 52% of direct materials cost. The company has no beginning Work in Process or Finished Goods inventories. Jobs 1 and 3 are not finished by the end of the month, and Job 2 is finished but not sold by month-end. Direct materials used Direct labor used Job 1 $ 5,500 $ 11,300 Job 2 $ 7,500 $ 5,000 Job 3 $ 2,000 $ 4,000 1. Prepare job cost sheets that have direct materials, direct labor, and overhead applied for each of the three jobs for the month. 2. Determine the total dollar amount of Work in Process Inventory at the end of the month. 3. Determine the total dollar amount of Finished Goods Inventory at the end of the month.

A company that uses job order costing reports the costs incurred below. Overhead is applied at the rate of 52% of direct materials cost. The company has no beginning Work in Process or Finished Goods inventories. Jobs 1 and 3 are not finished by the end of the month, and Job 2 is finished but not sold by month-end. Direct materials used Direct labor used Job 1 $ 5,500 $ 11,300 Job 2 $ 7,500 $ 5,000 Job 3 $ 2,000 $ 4,000 1. Prepare job cost sheets that have direct materials, direct labor, and overhead applied for each of the three jobs for the month. 2. Determine the total dollar amount of Work in Process Inventory at the end of the month. 3. Determine the total dollar amount of Finished Goods Inventory at the end of the month.

Name: A company that uses job order costing reports the costs incurred belo
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Description: A company that uses job order costing reports the costs incurred below. Overhead is applied at the rate of 52% of directmaterials cost. The company has no beginning Work in Process or Finished Goods inventories. Jobs 1 and 3 are not finished bythe e

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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