Meyer 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, 4/1/2013 Job A Job B Job C $11,600 $1,200 Direct Materials Used 1,600 7,200 7,800 Direct Labor 9,200 7,200 2,600 Applied Manufacturing Overhead Required: If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April: a. Work in Process. b. Finished Goods. C. COGS.
Meyer 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, 4/1/2013 Job A Job B Job C $11,600 $1,200 Direct Materials Used 1,600 7,200 7,800 Direct Labor 9,200 7,200 2,600 Applied Manufacturing Overhead Required: If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April: a. Work in Process. b. Finished Goods. C. COGS.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Meyer 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, 4/1/2013
Job A Job B Job C
$11,600 $1,200
Direct Materials Used
1,600
7,200
7,800
Direct Labor
9,200
7,200
2,600
Applied Manufacturing Overhead
Required: If no other jobs were started, completed, or sold,
determine the balance in each of the following accounts at the end
of April:
a. Work in Process.
b. Finished Goods.
C. COGS.
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