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Hello! I just need help with what is the balance work in progress for May 1st? I have computed all previous totals and it is
Hello! I just need help with what is the balance work in progress for May 1st? I have computed all previous totals and it is correct but I can't figure out WIP for May 1st.
Cost flows The price quoted to the customer is closely tied to the estimated cost in environments in which products are made according to the customer's specifications. Therefore, a company must be able to determine the unit cost of its products for pricing as well as for financial reporting purposes. To track costs in these environments, a Job order costing system is generally used. A job order costing system must be able to identify each individual job and accumulate its costs separately from the costs of other jobs. Recall the flow of costs used to determine cost of goods manufactured and cost of goods sold. The following flowchart illustrates the flow of costs into Work in Process and Finished Goods. Materials Labor Overhead Job 3 Materials, Labor, Work in Job 4 Process VOIR 11 Process: Job 4 Materials, Labor, OH In job order costing, the costs in Work in Process and Finished Goods can be related to specific jobs. Job 1 Materials, Labor Finished Goods: Job 2 Materials, Labor, APPLY THE CONCEPTS: Determine the costs for Work in Process and Finished Goods Job 1 Job 4 Materials $408 Job 2 $250 372 165 Job 3 $221 349 $316 Labor 478 652 175 Overhead 90 126 Total 1.235 787 660 920 Complete the table and determine the following account Work in Process $ 1,580 Finished Goods $ 2,022 Direct Materials Direct Labor Standard: Small $64 Medium 111 90 Large 150 Deluxe: Small $120 Medium 152 180 Large 256 240 At the beginning of May, the company has one job, job number 405, in progress from the previous month. This job is for an order of 12 large, deluxe doghouses. As of May 1, $1,843.20 of direct materials have been used, $1,728.00 of direct labor have been charged to the job and $172.80 of overhead was applied to the job. Click on the link below to get more detail on job number 405. $78 During May, In the Doghouse received an order for 20 small, deluxe doghouses. This is job number 501 and was completed by the end of the month. Another order was received during the month, job 502, for 16 medium, standard doghouses. At the end of May, job 502 was still in process. $710.4 of direct materials has been used, $576 of direct labor has been charged to the job, and overhead was applied to job 502 using the predetermined overhead rate of 10% of direct labor cost. Complete the following job cost sheets for the month of May In the Doghouse and answer the following questions. Small Medium Large $78 152 256 $120 180 240 Check My Work Next Job 405 12 large, deluxe doghouses Direct materials Direct labor 3,072 v 2,880 v 288 v 6,240 v Overhead Total job cost Job 501 20 small, deluxe doghouses Direct materials 1,560 Direct labor Overhead 2,400 v 240 v 4,200 v Total job cost Job 502 16 medium, standard doghouses Direct materials $ | 710.4 v 576 v Direct labor Overhead 57.6 Total job cost 31,344 v What is the balance in Work in Process on May 1?$ X What is the balance in Work in Process on May 31? $ 1,344Step by Step Solution
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