Question

HOMEWORK ASSIGNMENTS: 1. Bryan Company produces unique metal sculptures. On January 1, there were three jobs in process with the following costs: Job 37 $780 1,050 1,260 Job 36 $ 340 Job 35 $100 direct materials direct labor 700 350 840 420 applied overhead During January, two more jobs were started, Job 38 and Job 39. Materials and direct labor costs incurred by each job in process in January follows: Direct Labor $ 300 200 Materials $ 400 Job 35 150 Job 36 Job 37 Job 38 Job 39 150 260 650 800 700 760 overhead is applied at a rate of 120 % of direct labor cost Jobs 37 and 38 were completed and sold by January 31. Prepare job-order cost sheets for each of the five jobs in process during January ending balance of Work in Process on January 31? What is the Cost What is of Goods Sold in January?

Answer 1

	Job 35	Job 36	Job 37	Job 38	Job 39
Material	$     500.00	$     490.00	$ 1,040.00	$     800.00	$     760.00
Direct Labor	$     650.00	$     900.00	$ 1,200.00	$     650.00	$     700.00
Overhead	$     780.00	$ 1,080.00	$ 1,440.00	$     780.00	$     840.00
Total	$ 1,930.00	$ 2,470.00	$ 3,680.00	$ 2,230.00	$ 2,300.00

Work In Process = 1,930 + 2,470 + 2,300 = 6,700

Cost of Goods Sold = 3,680 + 2,230 = 5,910