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 Balance on 3/1 $ 4,900 3,700 Process Job 33 Job 34 $ 8,600 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets End Status of Job at Month- $ 4,700 Completed and sold Job 33 $ 2,700 Completed, but not sold 2,500 Job 34 4,700 2,200 In process 2,400 Job 35 3,700 1,200 Indirect $10,100 $14,000 The company applies overhead to products at a rate of 65 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. Total Manufacturing Cost Job 33 Job 34 Job 35 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold
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 Balance on 3/1 $ 4,900 3,700 Process Job 33 Job 34 $ 8,600 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets End Status of Job at Month- $ 4,700 Completed and sold Job 33 $ 2,700 Completed, but not sold 2,500 Job 34 4,700 2,200 In process 2,400 Job 35 3,700 1,200 Indirect $10,100 $14,000 The company applies overhead to products at a rate of 65 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. Total Manufacturing Cost Job 33 Job 34 Job 35 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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
Balance
on 3/1
$ 4,900
3,700
Process
Job 33
Job 34
$ 8,600
Source documents revealed the following during March:
Materials
Requisitions
Forms
Labor
Time
Tickets End
Status of Job at Month-
$ 4,700 Completed and sold
Job 33 $ 2,700
Completed, but not
sold
2,500
Job 34
4,700
2,200 In process
2,400
Job 35
3,700
1,200
Indirect
$10,100
$14,000
The company applies overhead to products at a rate of 65 percent of direct labor cost.
Required:
1. Compute the cost of Jobs 33, 34, and 35 at the end of the month.
Total
Manufacturing
Cost
Job
33
Job
34
Job
35
2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end.
Work in Process Inventory
Finished Goods Inventory
Cost of Goods Sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F845426cb-2a51-440e-aadf-4b5c16db7286%2F45afccfc-8489-4e9f-8c1a-b2674b9ec2ce%2Frotoif.png&w=3840&q=75)
Transcribed Image Text: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
Balance
on 3/1
$ 4,900
3,700
Process
Job 33
Job 34
$ 8,600
Source documents revealed the following during March:
Materials
Requisitions
Forms
Labor
Time
Tickets End
Status of Job at Month-
$ 4,700 Completed and sold
Job 33 $ 2,700
Completed, but not
sold
2,500
Job 34
4,700
2,200 In process
2,400
Job 35
3,700
1,200
Indirect
$10,100
$14,000
The company applies overhead to products at a rate of 65 percent of direct labor cost.
Required:
1. Compute the cost of Jobs 33, 34, and 35 at the end of the month.
Total
Manufacturing
Cost
Job
33
Job
34
Job
35
2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end.
Work in Process Inventory
Finished Goods Inventory
Cost of Goods Sold
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