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Job Order Costing Frida Company makes a specialty product to customer specifications. To accumulate cost Frida Company uses job-order costing. Manufacturing overhead is applied to
Job Order Costing | ||||||
Frida Company makes a specialty product to customer specifications. To accumulate cost Frida Company uses job-order costing. Manufacturing overhead is applied to production based on a predetermined rate of 115% of direct material cost. Any over-or underapplied overhead is closed to the cost of goods sold account at the end of each month. Additional information is available as follows: | ||||||
Cost Added in April | ||||||
Balance | Direct | Direct | ||||
Job Name | 3/31/23 | Materials | Labor | |||
Lamentis | $8,700 | $1,630 | $800 | |||
Yeager | 7,680 | 4,000 | 2,300 | |||
Sylvie | 10,300 | 2,670 | 1,870 | |||
Ravonna | 4,570 | 8,400 | 1,560 | |||
Neitherlands | 0 | 5,000 | 1,370 | |||
Vega | 0 | 2,900 | 1,800 | |||
Actual Manufacturing OH for April was $27,350 | ||||||
At the end of April, Jobs Lamentis, Yeager, Sylvie, Ravonna, and Neitherlands were finished. Jobs Lamentis, Yeager, and Sylvie had been delivered to the customer. | ||||||
REQUIRED: | ||||||
1. What is the ending balance in Work in process for April 30? | ||||||
2. What is the ending balance in Finished Goods for April 30? | ||||||
3. What is the total cost of goods manufactured in April 30? | ||||||
4. How much is over or underapplied OH? | ||||||
5. What is the amount of Cost of Goods Sold reported for April after closing the month? |
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