Question

Concord Fabricators produces protective covers for smart phones. Since the covers must be customized to each smart phone model, Concord uses a job order costing system. On September 1, the company reported the following inventory balances: Direct Materials $28,700 Work in Process $150,000 Finished Goods $257,000 During September, the following events occurred: 1. Concord purchased direct materials costing $424,000 on account. 2. Concord used $433,000 in direct materials in production. 3. Concord's employees clocked 21,000 direct labor hours at an average wage rate of $10.02 per direct labor hour. 4. The company incurred $170,000 in manufacturing overhead, including $28,000 in indirect labor costs. 5 Using direct labor hours as the application base, the company applied $168,000 of manufacturing overhead to jobs worked on in September. 6. The company completed production on jobs costing $856,000. 7. The company delivered jobs costing $1,078,000 to customers.

Answer 1

solution's Material WIP Finished goods 28700 150000 257 000 U2 000 433000 Beginning balance materials labor Factory overhead applied 210420 168000 Transferred from wil 856 000 Total 452700 961420 1113000 Transferred 433000 856000 1078 000 Ending Prventory 19700 105420 35000 Manufacturing over heads: 2 8000 Indirect material Indirect labor other 이지 142000 170000 168000 applied under Guer) applied 2000 under applied