esOak 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 34Source documents revealed the following during March:Job 33Job 34Job 35IndirectBalance on3/1$ 4,8003,000$ 7,800MaterialsRequisitionsFormsRequired 1$ 2,2003,8004,100600$ 10,700The company applies overhead to products at a rate of 75 percent of direct labor cost.Job 33Job 34Job 35Labor TimeTickets$ 4,0004,1003,0001,900$ 13,000Required: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.Status of Job at Month-EndCompleted and soldCompleted, but not soldIn processComplete this question by entering your answers in the tabs below.Required 2Compute the cost of Jobs 33, 34, and 35 at the end of the month.Total ManufacturingCost

Name: esOak Creek Furniture Factory (OCFF), a custom furniture manufacturer
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Description: esOak 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 34Source documents reve

The total manufacturing costs comprise direct materials, direct labor and overhead costs. The cost…

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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 $ 4,800 3,000 $ 7,800 Source documents revealed the following during March: Materials. Requisitions Forms $2,200 3,800 4,100 600 $ 10,700 Job 33 Job 34 Job 35 Indirect Labor Time Tickets $ 4,000 4,100 3,000 1,900 $ 13,000 Status of Job at Month-End Completed and sold Completed, but not sold In process

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 $ 4,800 3,000 $ 7,800 Source documents revealed the following during March: Materials. Requisitions Forms $2,200 3,800 4,100 600 $ 10,700 Job 33 Job 34 Job 35 Indirect Labor Time Tickets $ 4,000 4,100 3,000 1,900 $ 13,000 Status of Job at Month-End Completed and sold Completed, but not sold In process

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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