Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April but not sold. Job C was started during April but not completed. The job cost sheets revealed the following costs for April: Cost of Jobs in Process, April 1, Current Year Direct Materials Used Direct Labor Applied Manufacturing Overhead a. Work in Process b. Finished Goods c. Cost of Goods Sold $ 15,675 Job A $ 12,300 2,300 10,600 $ 31,100 Job B $ 1,000 8,600 8,600 ? Required: If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April: Job C $0 9,900 3,300 ?

Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April but not sold. Job C was started during April but not completed. The job cost sheets revealed the following costs for April: Cost of Jobs in Process, April 1, Current Year Direct Materials Used Direct Labor Applied Manufacturing Overhead a. Work in Process b. Finished Goods c. Cost of Goods Sold $ 15,675 Job A $ 12,300 2,300 10,600 $ 31,100 Job B $ 1,000 8,600 8,600 ? Required: If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April: Job C $0 9,900 3,300 ?

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Description: Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. Thedirect labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company workedon three jobs du

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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