- Direct materials used. Direct labor used 3 3 A company that uses job order costing reports the costs incurred below. Overhead is applied at the rate of 60% 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 15 16 17 Direct materials 16 Direct labor 19 Overhead 20 Total Job 1 $5,000 $9,000 0 Required: 1 1. Prepare job cost sheets that have direct materials, direct labor, and overhead applied for each of the three jobs for the month. 2 3(Use cells A2 to G8 from the given information to complete this question.) 14 JOB COST SHEET Job 1 $5,000 9,000 32 Finished goods inventory 11 3,000 $17,000 Job 2 $7,000 $4,000 Job 2 $7,000 Job 3 $1,500 $3,000 4,000 4,200 $15,200 $15,200 Job 3 $1,500 3,000 900 $5,400 21 22 2. Determine the total dollar amount of Work in Process Inventory at the end of the month. 23 24 (Use cells A2 to G8 from the given information to complete this question.) 25 26 Work in process inventory 3000 $22.400 27 28 3. Determine the total dollar amount of Finished Goods Inventory at the end of the month. 29 30 (Use cells A2 to GB from the given information to complete this question.) 31 Overhead rate 60%
- Direct materials used. Direct labor used 3 3 A company that uses job order costing reports the costs incurred below. Overhead is applied at the rate of 60% 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 15 16 17 Direct materials 16 Direct labor 19 Overhead 20 Total Job 1 $5,000 $9,000 0 Required: 1 1. Prepare job cost sheets that have direct materials, direct labor, and overhead applied for each of the three jobs for the month. 2 3(Use cells A2 to G8 from the given information to complete this question.) 14 JOB COST SHEET Job 1 $5,000 9,000 32 Finished goods inventory 11 3,000 $17,000 Job 2 $7,000 $4,000 Job 2 $7,000 Job 3 $1,500 $3,000 4,000 4,200 $15,200 $15,200 Job 3 $1,500 3,000 900 $5,400 21 22 2. Determine the total dollar amount of Work in Process Inventory at the end of the month. 23 24 (Use cells A2 to G8 from the given information to complete this question.) 25 26 Work in process inventory 3000 $22.400 27 28 3. Determine the total dollar amount of Finished Goods Inventory at the end of the month. 29 30 (Use cells A2 to GB from the given information to complete this question.) 31 Overhead rate 60%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:-
A company that uses job order costing reports the costs incurred below. Overhead is applied at the rate of 60%
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.
3 Direct labor used
3
15
76
17 Direct materials
16 Direct labor
19 Overhead
20 Total
Job 1
$5,000
$9,000
0 Required:
1
1. Prepare job cost sheets that have direct materials, direct labor, and overhead applied for each of the three jobs for the month.
2
3(Use cells A2 to G8 from the given information to complete this question.)
14
JOB COST SHEET
Job 1
$5,000
9,000
32 Finished goods inventory
11
3,000
$17,000
Job 2
$7,000
$4,000
Job 2
$7,000
4,000
4,200
$15,200
$15,200
Job 3
$1,500
$3,000
000
Job 3
$1,500
3,000 X
900
0000
$5,400
21
22 2. Determine the total dollar amount of Work in Process Inventory at the end of the month.
23
24 (Use cells A2 to G8 from the given information to complete this question.)
25
26 Work in process inventory
$22,400
27
28 3. Determine the total dollar amount of Finished Goods Inventory at the end of the month.
29
30 (Use cells A2 to GB from the given information to complete this question.)
31
Overhead rate
60%
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