Problem 1: Layette Properties (Job Order Costing)
Lafayette Properties started operations in March and builds customized houses. It uses Job Order Costing to assign costs to each house. Operating data for March and April are as follows:
Job |
Started |
Finished |
Sold |
Mfg. cost as of 3/31 |
Total Mfg. cost in April |
H1 |
3/2 |
3/31 |
4/14 |
110,000 |
|
H2 |
3/10 |
4/25 |
4/30 |
75,000 |
18,600 |
H3 |
3/16 |
4/19 |
5/10 |
73,400 |
20,200 |
H4 |
3/25 |
5/1 |
5/9 |
48,000 |
57,300 |
H5 |
4/6 |
4/30 |
5/7 |
85,000 |
|
H6 |
4/11 |
5/21 |
Unsold |
62,500 |
|
H7 |
4/18 |
5/20 |
5/22 |
43,000 |
|
H8 |
4/28 |
Unfinished |
37,300 |
Compute:
a) Costs in WIP as of 3/31 (0.5 point)
b) Costs in FG as of 4/30 (0.5 point)
c) COGS for April (0.5 point)
Problem 1: Layette Properties (Job Order Costing) Lafayette Properties started operations in March and builds customized...
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