Megco Inc.uses the Job Cost System to value inventory and cost of goods sold. During the month of Feb. the following jobs were started and costs incurred: JOB MATL. COST LABOR COST OVER-HEAD TOTAL 101 2,000 3,000 10,000 15,000 102 3,000 4,500 12,000 19,500 103 1,100 3,000 6,000 10,100 104 700 1,200 3,000 4,900 105 500 3,500 6,000 10,000 Jobs 101,102 and 104 were completed during the month. Jobs 101 and 104 were sold for a total of $30,000. + a. Show in total how the jobs cost moved through the accounts below and provide the ending balance in each account.

Megco Inc.uses the Job Cost System to value inventory and cost of goods sold. During the month of Feb. the following jobs were started and costs incurred: JOB MATL. COST LABOR COST OVER-HEAD TOTAL 101 2,000 3,000 10,000 15,000 102 3,000 4,500 12,000 19,500 103 1,100 3,000 6,000 10,100 104 700 1,200 3,000 4,900 105 500 3,500 6,000 10,000 Jobs 101,102 and 104 were completed during the month. Jobs 101 and 104 were sold for a total of $30,000. + a. Show in total how the jobs cost moved through the accounts below and provide the ending balance in each account.

Name: Megco Inc.uses the Job Cost System to value inventory and cost of goo
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Description: Megco Inc.uses the Job Cost System to value inventory and cost of goodssold. During the month of Feb. the following jobs were started andcosts incurred:JOBMATL. COST LABOR COSTOVER-HEADTOTAL1012,0003,00010,00015,0001023,0004,50012,00019,5001031,1003

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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