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I need step by step help with this problem. Thank you so much! Jenkins Company uses a job order cost system with overhead applied to
I need step by step help with this problem. Thank you so much!
Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April, but not sold. Job C was started during April, but not completed. The job cost sheets revealed the following costs for April: Cost of Jobs in Process, 4/1/2018 Direct Materials Used Direct Labor Applied Manufacturing Overhead Job A $12,600 2,600 11,200 ? Job B $1,000 9,200 9,200 ? Job C $ 10,800 3,600 ? Required: If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April: a. Work in Process b. Finished Goods c. Cost of Goods SoldStep by Step Solution
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