During the month of June, a company started and completed two jobs, Job 101 and Job 102. The beginning work in process (WIP) for Job 101 was $5,000, and for Job 102, it was $3,000. The direct material cost for Job 101 was $10,000 and for Job 102, it was $7,000. Direct labor cost for Job 101 was $8,000, and for Job 102, it was $5,000.

Job

101

102

Beginning

WIPJob

$5,000

$3,000

Direct

Material

$10,000

$7,000

Direct

Labor

$8,000

$5,000

Overhead

$12,000

$7,500

Calculate:

1. The total cost of goods completed and transferred out during June.
2. The ending work in process (WIP)

Question 3 During the month of June, a company started and completed two jobs, Job 101 and Job 102. The beginning work in process (WIP) for Job 101 was $5,000, and for Job 102 , it was $3,000. The direct material cost for Job 101 was $10,000 and for Job 102 , it was $7,000. Direct labor cost for Job 101 was $8,000, and for Job 102 , it was $5,000. Calculate: a) The total cost of goods completed and transferred out during June. b) The ending work in process (WIP) for June