The company applies overhead to products at a rate of 60 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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Oak Creek | ||||
Answer 1 | ||||
Job Cost sheet | ||||
Particulars | Job 33 | Job 34 | Job 35 | |
Opening work in process | 5,900.00 | 4,700.00 | - | |
Direct Materials | 3,400.00 | 2,300.00 | 3,100.00 | |
Direct Labor | 5,800.00 | 3,500.00 | 2,900.00 | |
Overhead | 3,480.00 | 2,100.00 | 1,740.00 | |
Total Cost | 18,580.00 | 12,600.00 | 7,740.00 | |
Answer 2 | ||||
Job 35 | ||||
Work in Process Inventory | $ 7,740.00 | |||
Job 34 | ||||
Finished Goods Inventory | $ 12,600.00 | |||
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Job 33 | ||||
Cost of Goods Sold | $ 18,580.00 | |||
Please note that indirect material and indirect labor is not added to job costs because these are overheads and overheads are applied directly to products at 60% of direct labor costs. |
The company applies overhead to products at a rate of 60 percent of direct labor cost....
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