Russell Company uses a job-order costing system and began the month of March with three jobs in process. The cost of beginning work in process plus the costs added during March are given below: beginning work in process COSTS ADDED DURING MARCH: direct material cost direct labor cost .. beginning work in process COSTS ADDED DURING MARCH: direct material cost direct labor cost .. beginning work in process COSTS ADDED DURING MARCH: direct material cost direct labor cost .. Job #24 $16,000 $34,000 $22,000 Job #63 $ 9,000 $28,000 $15,000 Job #88 $22,000 $37,000 $49,000 Russell Company applies overhead to jobs at a rate of 120% of direct materials cost. During March, Job #24 and Job #88 were completed. Job #63 was not completed by the end of March. Additionally, by the end of March, all of Job #24 was sold and one-third of Job #88 was sold. Calculate the amount of work in process inventory shown in Russell Company's March 31 balance sheet.

Russell Company uses a job-order costing system and began the month of March with three jobs in process. The cost of beginning work in process plus the costs added during March are given below: beginning work in process COSTS ADDED DURING MARCH: direct material cost direct labor cost .. beginning work in process COSTS ADDED DURING MARCH: direct material cost direct labor cost .. beginning work in process COSTS ADDED DURING MARCH: direct material cost direct labor cost .. Job #24 $16,000 $34,000 $22,000 Job #63 $ 9,000 $28,000 $15,000 Job #88 $22,000 $37,000 $49,000 Russell Company applies overhead to jobs at a rate of 120% of direct materials cost. During March, Job #24 and Job #88 were completed. Job #63 was not completed by the end of March. Additionally, by the end of March, all of Job #24 was sold and one-third of Job #88 was sold. Calculate the amount of work in process inventory shown in Russell Company's March 31 balance sheet.

Name: Russell Company uses a job-order costing system andbegan the month of
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Description: Russell Company uses a job-order costing system andbegan the month of March with three jobs in process.The cost of beginning work in process plus the costsadded during March are given below:beginning work in processCOSTS ADDED DURING MARCH:direct ma

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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Subject: accounting
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