JOB COSTING PRACTICE PROBLEM ABC operates in a normal job costing environment At the start of Year 1, ABC had the following jobs in its beginning work in process JOB A1 20KJOB B2 10KDuring the period, 2 more jobs were started, Jobs C3 and D4 ABC applies OH at the rate of 1 5 TIMES its Direct labour cost Jobs A1 and B1 were sold Job D4 was Finished but not sold (finished goods inventory) Thus, Job C3 remained in ending work in process There were no jobs in beginning finished goods inventory The following job cost sheets have been created for you Job A1Job B2Job C3Job D4Total BWIP20K10K 30K DM used5K5K2K3K 15K DL1K2K1K1K 5K OH applied1 5K3K1 5K1 5K 7 5KTotal27 5K20K4 5K5 5K57 5K COGSCOGSEWIPFin GoodsThere was $20,000 of Raw Materials Inventory on hand at the start of the period Raw materials purchases during the period amounted to $10,000 $9,000 of manufacturing overhead costs were incurred during production Included in this amount was $4,000 of indirect materials Required Post the above data to T accounts and create a schedule of Cost of Goods Manufactured Provide a schedule of Cost of Goods Sold ABC closes any over or underapplied overhead to cost of goods sold

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JOB COSTING PRACTICE PROBLEM  ABC operates in a normal job costing environment At the start of Year 1, ABC had the following jobs in its beginning work in process JOB A1 20KJOB B2 10KDuring the period, 2 more jobs were started, Jobs C3 and D4 ABC applies OH at the rate of 1 5 TIMES its Direct labour cost Jobs A1 and B1 were sold  Job D4 was Finished but not sold (finished goods inventory) Thus, Job C3 remained in ending work in process There were no jobs in beginning finished goods inventory The following job cost sheets have been created for you  Job A1Job B2Job C3Job D4Total BWIP20K10K 30K DM used5K5K2K3K 15K DL1K2K1K1K 5K OH applied1 5K3K1 5K1 5K 7 5KTotal27 5K20K4 5K5 5K57 5K COGSCOGSEWIPFin GoodsThere was $20,000 of Raw Materials Inventory on hand at the start of the period Raw materials purchases during the period amounted to $10,000 $9,000 of manufacturing overhead costs were incurred during production Included in this amount was $4,000 of indirect materials  Required  Post the above data to T accounts and create a schedule of Cost of Goods Manufactured Provide a schedule of Cost of Goods Sold  ABC closes any over or underapplied overhead to cost of goods sold

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JOB COSTING PRACTICE PROBLEM: ABC operates in a normal job costing environment.At the start of Year 1, ABC had the following jobs in its beginning

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