Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $4,600 4,300 $ 8,900 Source documents revealed the following during March: Job 33 Job 34 Job 35 Indirect Materials Requisitions Forms $ 3,600 3,700 4,400 1,300 $ 13,000 Labor Time Tickets $ 4,900 4,600 3,600 1,100 $ 14,200 Status of Job at Month-End) Completed and sold i Completed, but not sold. In process The company applies overhead to products at a rate of 60 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. 2. Calculate the balance in the Work in Process Inventory. Finished Goods Inventory, and Cost of Goods Sold accounts at month-end

Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $4,600 4,300 $ 8,900 Source documents revealed the following during March: Job 33 Job 34 Job 35 Indirect Materials Requisitions Forms $ 3,600 3,700 4,400 1,300 $ 13,000 Labor Time Tickets $ 4,900 4,600 3,600 1,100 $ 14,200 Status of Job at Month-End) Completed and sold i Completed, but not sold. In process The company applies overhead to products at a rate of 60 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. 2. Calculate the balance in the Work in Process Inventory. Finished Goods Inventory, and Cost of Goods Sold accounts at month-end

Name: Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer,
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order.On March 1, OCFF had two jobs in process with the following costs:Work in ProcessJob 33Job 34Balance on3/1$4,6004,30

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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How much is total cost of goods manufactured?
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