Johnson Company uses a job-order costing system and started the month of July with four jobs in process. The cost of beginning work in process plus the costs added during July are shown below: beginning cost beginning cost COSTS ADDED DURING JULY: direct materials used... direct labor cost direct materials used... direct labor cost Job A $4,900 Job 0 $6,300 Job A $5,200 $6,400 Job 0 $4,600 $5,100 Job E $7,700 Job U $2,100 $3,900 $3,400 $2,800 $3,700 Job E Job U Johnson Company applies overhead to jobs at a rate of 70% of direct materials used. During July, Johnson completed and sold Job A. Job E was completed during July, but only one-third of the job was sold as of the end of July. Job 0 was completed in July but none of the job was sold during July. Job U was not completed by the end of July. Johnson Company had actual overhead cost of $8,600 for July. Calculate Johnson Company's finished goods inventory balance at July 31.

Johnson Company uses a job-order costing system and started the month of July with four jobs in process. The cost of beginning work in process plus the costs added during July are shown below: beginning cost beginning cost COSTS ADDED DURING JULY: direct materials used... direct labor cost direct materials used... direct labor cost Job A $4,900 Job 0 $6,300 Job A $5,200 $6,400 Job 0 $4,600 $5,100 Job E $7,700 Job U $2,100 $3,900 $3,400 $2,800 $3,700 Job E Job U Johnson Company applies overhead to jobs at a rate of 70% of direct materials used. During July, Johnson completed and sold Job A. Job E was completed during July, but only one-third of the job was sold as of the end of July. Job 0 was completed in July but none of the job was sold during July. Job U was not completed by the end of July. Johnson Company had actual overhead cost of $8,600 for July. Calculate Johnson Company's finished goods inventory balance at July 31.

Name: Question 7Johnson Company uses a job-order costing system and started
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Description: Question 7Johnson Company uses a job-order costing system and startedthe month of July with four jobs in process. The cost ofbeginning work in process plus the costs added during Julyare shown below:beginning costbeginning costCOSTS ADDED DURING JUL

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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