Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company that uses job order costing reports the costs incurred below. Overhead is applied at the rate of 51% of direct materials cost.

image text in transcribedimage text in transcribedimage text in transcribed

A company that uses job order costing reports the costs incurred below. Overhead is applied at the rate of 51% of direct materials cost. The company has no beginning Work in Process or Finished Goods inventories. Jobs 1 and 3 are not finished by the end of the month, and Job 2 is finished but not sold by month-end. Direct materials used Direct labor used Job 1 $ 6,000 $11,500 Job 2 $8,000 Job 3 $2,500 $5,800 $ 4,800 1. Prepare job cost sheets that have direct materials, direct labor, and overhead applied for each of the three jobs for the month. 2. Determine the total dollar amount of Work in Process Inventory at the end of the month. 3. Determine the total dollar amount of Finished Goods Inventory at the end of the month. Complete this question by entering your answers in the tabs below. Required 1, Required 2 Required 3 Prepare job cost sheets that have direct materials, direct labor, and overhead applied for each of the three jobs for the month. Direct materials Direct labor Overhead Total JOB COST SHEET Job 1 Job 2 Job 3 Required 2>

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting Information for Decisions

Authors: John Wild, Ken Shaw, Barbara Chiappetta

5th edition

978-1259317552, 1259317552, 978-0078025600, 78025605, 978-1259335013, 1259335011, 978-1259347641

More Books

Students also viewed these Accounting questions

Question

How will the insurer manage a claim?

Answered: 1 week ago