On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $ 5,600 4,700 $ 10,300 Source documents revealed the following during March: Materials Requisitions Forms $ 3,400 2,400 Labor Time Tickets $ 4,600 Status of Job at Month-End Completed and sold Job 33 Job 34 3,600 Completed, but not sold Job 35 Indirect 4,600 2,500 In process 1,400 2,900 $ 11,800 $ 13,600 The company applies overhead to products at a rate of 75 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.
On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $ 5,600 4,700 $ 10,300 Source documents revealed the following during March: Materials Requisitions Forms $ 3,400 2,400 Labor Time Tickets $ 4,600 Status of Job at Month-End Completed and sold Job 33 Job 34 3,600 Completed, but not sold Job 35 Indirect 4,600 2,500 In process 1,400 2,900 $ 11,800 $ 13,600 The company applies overhead to products at a rate of 75 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On March 1, OCFF had two jobs in process with the following costs:
Work in Process
Job 33
Job 34
Balance on
3/1
$ 5,600
4,700
$ 10,300
Source documents revealed the following during March:
Materials
Requisitions
Forms
$ 3,400
2,400
Labor Time
Tickets
$ 4,600
Status of Job at Month-End
Completed and sold
Job 33
Job 34
3,600
Completed, but not sold
Job 35
Indirect
4,600
2,500
In process
1,400
2,900
$ 11,800
$ 13,600
The company applies overhead to products at a rate of 75 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.
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