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Problem Number 3: The following data relates to the Aahil& co. for the month of June 2013. Company using job order costing system Job Numbers Direct Material 30000 Direct Labor 50000 2 3 20000 40000 30000 25000 4 15000 10000 FOH applied 80% of the direct labor to each. Job No. 1, 2 and Job No. 3 were completed. Job No. 2 was sold 45% above the cost. Required: Calculate the following requirements. a. COGM. b. WIP ending. c. COGS, d. FG ending. e. Gross profit. f. Selling price.

Problem Number 3: The following data relates to the Aahil& co. for the month of June 2013. Company using job order costing system Job Numbers Direct Material 30000 Direct Labor 50000 2 3 20000 40000 30000 25000 4 15000 10000 FOH applied 80% of the direct labor to each. Job No. 1, 2 and Job No. 3 were completed. Job No. 2 was sold 45% above the cost. Required: Calculate the following requirements. a. COGM. b. WIP ending. c. COGS, d. FG ending. e. Gross profit. f. Selling price.

FINANCIAL ACCOUNTING
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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Solve part D , E and F 

Problem Number 3: The following data relates to the Aahil& co. for the month of June 2013. Company using job order costing system Job Numbers Direct Material Direct Labor 1 30000 50000 2 20000 40000 30000 15000 FOH applied 80% of the direct labor to each. Job No. 1, 2 and Job No. 3 were completed. 3 25000 10000 Job No. 2 was sold 45% above the cost. Required: Calculate the following requirements. d. FG ending. e. Gross profit. f. Selling price. a. COGM. b. WIP ending. c. COGS.
Transcribed Image Text:Problem Number 3: The following data relates to the Aahil& co. for the month of June 2013. Company using job order costing system Job Numbers Direct Material Direct Labor 1 30000 50000 2 20000 40000 30000 15000 FOH applied 80% of the direct labor to each. Job No. 1, 2 and Job No. 3 were completed. 3 25000 10000 Job No. 2 was sold 45% above the cost. Required: Calculate the following requirements. d. FG ending. e. Gross profit. f. Selling price. a. COGM. b. WIP ending. c. COGS.
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