Job cost sheets show the following information:JobJanuaryFebruaryMarchAA2$2,600$1,100AA44,840AA5AA33,2403,410$7,750JanuaryFebruaryMarchCompletedFebruaryJanuaryFebruary2,6003,410$2,319 April$2,319Total $7,440What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March?Work inProcessSoldNot soldFebruaryMarchNot soldFinishedGoodsCOGS

Name: Job cost sheets show the following information:JobJanuaryFebruaryMarc
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Description: Job cost sheets show the following information:JobJanuaryFebruaryMarchAA2$2,600$1,100AA44,840AA5AA33,2403,410$7,750JanuaryFebruaryMarchCompletedFebruaryJanuaryFebruary2,6003,410$2,319 April$2,319Total $7,440What are the balances in the work in proce

"Work in process" refers to the total price of the unfinished products that are currently being…

Business

Accounting

Job cost sheets show the following information: Job AA2 AA4 AA5 3,240 AA3 3,410 Total $7,440 $7,750 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Process January February March Completed $1,100 January February March $2,600 4,840 2,600 3,410 ✔ February January February $2,319 April $2,319 Finished Goods Sold Not sold February March Not sold COGS

Job cost sheets show the following information: Job AA2 AA4 AA5 3,240 AA3 3,410 Total $7,440 $7,750 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Process January February March Completed $1,100 January February March $2,600 4,840 2,600 3,410 ✔ February January February $2,319 April $2,319 Finished Goods Sold Not sold February March Not sold COGS

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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Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 15,800 8,800 4,400 Job 6 $ 33,400 15,000 7,500 Job 7 $ 27,400 Total transferred cost 21,800 10,900 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 4. What is the total cost transferred to Finished Goods Inventory in June?
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Job Costs Using Activity-Based Costing Heitger Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Heitger identified three overhead activities and related drivers. Budgeted information for the year is as follows: Activity Cost Driver Amount of Driver Materials handling $ 72,000 Number of moves 3,000 Engineering 165,000 Number of change orders 10,000 Other overhead 280,000 Direct labor hours 50,000 Heitger worked on four jobs in July. Data are as follows: Job 13-43 Job 13-44 Job 13-45 Job 13-46 Beginning balance $20,300 $19,800 $2,300 $0 Direct materials $6,500 $8,900 $12,700 $9,800 Direct labor cost $18,000 $20,000 $32,000 $2,400 Job 13-43 Job 13-44 Job 13-45 Job 13-46 Number of moves 44 52 29 5 Number of change orders 30 40 20 20 Direct labor hours 900 1,000 1,600 120 By July 31, Jobs 13-43 and 13-44 were completed and sold. Jobs 13-45 and 13-46 were still in process.…
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