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I just need help with the computations of cost of jobs sold Entries and schedules for unfinished jobs and completed jobs Tybee Industries Inc. uses
I just need help with the computations of cost of jobs sold
Entries and schedules for unfinished jobs and completed jobs Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January 2016, the first month of operations: a. Materials purchased on account, $29,800. b. Materials requisitioned and factory labor used: Factory Labor Job 301 302 303 304 305 306 For general factory use Materials $ 2,960 3,620 2,400 8,100 5,100 3,750 1,080 $2,775 3,750 1,875 6,860 5,250 3,340 4,100 c. Factory overhead costs incurred on account, $5,500. d. Depreciation of machinery and equipment, $1,980. e. The factory overhead rate is $54 per machine hour. Machine hours used: Machine Hours 303 304 305 25 306 Total f. Jobs completed, 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,250; Job 302, $11,200; Job 303, $15,000. 34,450 Accounts Receivable Sales 34,450 22,294 Cost of Goods Sold Finished Goods 22,294 Computation of cost of jobs sold: Total Job No. 301 No. 302 No. 303 TotalStep by Step Solution
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