Job Order Costing and T-accounts Amold Company m e ants to customer order. Amold applies overhead at the rate of 20% of direct labor cost Jobs are marked up at 30% overcost. On y 1. Finished Goods inventory consted of costing 9,300. Work in Process inventory consisted of threes: Job o for $3,200, 71 for $1,400, and ob 72 for $700 During the month of Amed worked on with the following direct materials and director for the month: Direct materials Direct labor Job 70 $500 1,400 71 $1,200 2,000 72 $350 000 73 $1,700 3.000 74 2,500 4.000 75 $150 300 Jobs 70, 71, 73 and 4 were completed during July Jobs , 70, 71 and 4 were sold. All completed jobs are first transferred to Finished Goods, then to Cost of Goods Sold as they are sold.) Fat in the following job cost sheet and calculate the total cost by July 31 for each job. 70 Job Job 2 Sob Jab 4 Beginning balance Direct materials $1,700 3,000 4,900 Toth, July 31 t Enter the protec that includes than for lob 721 the correct th counts for work-Process othe r that ed Goods and cost of Good Son for each of the foo t wheneng amounts for a transaction transaction included amounts for and the motorow e red before the amount e a. Recoge the beginning one of War Process and of the Goods b. Recognize the use of total direct materials for production for July c. Recognize the use of total director for production for July d. Recognize the application of overhead to production for July e. Recognize the completion of each job finished in July f. Transfer each sold job to COGS. Q. Calculate the ending balances of: WIP, Finished Goods, and COGS Work-In-Process (WIP) Finished Goods Cost of Goods Sold (a) SSE al 3 (9) Sales revenue for Arnold in July is $ Use the Interactive Graph to answer the following questions: If direct labor added to Job 73 equaled $2,400, the ending balances of each of the following accounts would be affected in what way? Work in Process Select your answer - Select your answer Finished Goods Cost of Goods Sold Sales Revenue Select your answer Select your answer If the overhead rate based on direct labor was 40%, the ending balances of each of the following accounts would be affected in what way? Work in Process Finished Goods e Goods Sold Select your answer Select your answer Select your answer m (9) (g) Sales revenue for Arnold in July is s Use the Interactive Graph to answer the following questions: It direct labor added to Job 73 equaled $2,100, the ending balances of each of the following accounts would be affected in what way? Work in Process - Select your answer Finished Goods - Select your answer - Cost of Goods Sold - Select your answer Sales Revenue - Select your answer. If the overhead rate based on direct labor was 40%, the ending balances of each of the following accounts would be affected in what way? - Select your answer - Select your answer Work in Process Finished Goods Cost of Goods Sold Sales Revenue - Select your answer - Select your answer Chet Job Order Costing and T-accounts Amold Company m e ants to customer order. Amold applies overhead at the rate of 20% of direct labor cost Jobs are marked up at 30% overcost. On y 1. Finished Goods inventory consted of costing 9,300. Work in Process inventory consisted of threes: Job o for $3,200, 71 for $1,400, and ob 72 for $700 During the month of Amed worked on with the following direct materials and director for the month: Direct materials Direct labor Job 70 $500 1,400 71 $1,200 2,000 72 $350 000 73 $1,700 3.000 74 2,500 4.000 75 $150 300 Jobs 70, 71, 73 and 4 were completed during July Jobs , 70, 71 and 4 were sold. All completed jobs are first transferred to Finished Goods, then to Cost of Goods Sold as they are sold.) Fat in the following job cost sheet and calculate the total cost by July 31 for each job. 70 Job Job 2 Sob Jab 4 Beginning balance Direct materials $1,700 3,000 4,900 Toth, July 31 t Enter the protec that includes than for lob 721 the correct th counts for work-Process othe r that ed Goods and cost of Good Son for each of the foo t wheneng amounts for a transaction transaction included amounts for and the motorow e red before the amount e a. Recoge the beginning one of War Process and of the Goods b. Recognize the use of total direct materials for production for July c. Recognize the use of total director for production for July d. Recognize the application of overhead to production for July e. Recognize the completion of each job finished in July f. Transfer each sold job to COGS. Q. Calculate the ending balances of: WIP, Finished Goods, and COGS Work-In-Process (WIP) Finished Goods Cost of Goods Sold (a) SSE al 3 (9) Sales revenue for Arnold in July is $ Use the Interactive Graph to answer the following questions: If direct labor added to Job 73 equaled $2,400, the ending balances of each of the following accounts would be affected in what way? Work in Process Select your answer - Select your answer Finished Goods Cost of Goods Sold Sales Revenue Select your answer Select your answer If the overhead rate based on direct labor was 40%, the ending balances of each of the following accounts would be affected in what way? Work in Process Finished Goods e Goods Sold Select your answer Select your answer Select your answer m (9) (g) Sales revenue for Arnold in July is s Use the Interactive Graph to answer the following questions: It direct labor added to Job 73 equaled $2,100, the ending balances of each of the following accounts would be affected in what way? Work in Process - Select your answer Finished Goods - Select your answer - Cost of Goods Sold - Select your answer Sales Revenue - Select your answer. If the overhead rate based on direct labor was 40%, the ending balances of each of the following accounts would be affected in what way? - Select your answer - Select your answer Work in Process Finished Goods Cost of Goods Sold Sales Revenue - Select your answer - Select your answer Chet