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20 pes Callow Corporation uses a job order costing system. Three jobs were worked on during the current year. The predetermined overhead rate is 200%
20 pes Callow Corporation uses a job order costing system. Three jobs were worked on during the current year. The predetermined overhead rate is 200% of direct labor costs. The following cost information is available (all materials and time ticket information applies to direct costs): Dob Materials Requisitions Time Tickets Job Status at year end C101 $54,000 $34.000 Completed & Sold C102 $65.000 $74,000 Not Finished C103 $8,200 $50.000 Completed, not sold Required: Answer the following a-e requirements in the space provided below. Show your work! a) Determine the total cost of each job. (Hint: be sure to include all 3 products costs in the total cost) b) Calculate the cost of goods manufactured (completed) for the period. c) Determine the amounts of each of the following at the end of the period. 1- Work in Process: 2- Finished Goods: 3- Cost of Goods Sold: d) Hawk determines sales prices by adding 35% markup onto the cost of each job. Calculate the sales price for each job Hawk sold during the period. Calculate the resulting gross profit % (ratio) for the year (Hint-markup % and gross profit ratio are not the same thing!)
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