Job Order Costing

On December 31, 2021 Ford had the following jobs in process: Job 307 and Job 309 (Job costs sheets for these jobs are included on pages 3 and 4 of this packet)

Requirement 1: (1 point) What is Fords 12/31/21 balance of Work In Process Inventory on the balance sheet?

Ford Construction estimates the following costs for 2022:

Direct labor $732,160 (33,280 hours at $22 per hour)

Manufacturing overhead $240,000

Ford uses direct labor hours to assign manufacturing overhead costs to jobs. Round to the nearest cent.

Requirement 2: (2 points) What is Fords 2022 predetermined overhead rate?

During January 2022, Ford issued the following materials requisition forms and labor time tickets

Materials Requisition forms Labor Time Tickets

M-679 2022-W1

M-680 2022-W2

M-681 2022-W3

M-682 2022-W4

During January 2022, Ford started Jobs 310, 311 and 312. Ford completed jobs 307, 309 and 310.

Job 307 and 309 were sold to customers at the amount bid in their customer contracts. Job 307 had a contract price of $30,000 and Job 309 was $10,800.

The sales transaction for Job 310 has not yet been completed as of 1/31/22 as it is pending final inspection from city inspectors.

Requirement 3: 2 points for each job cost sheet

Complete the job cost sheets for all the jobs 307, 309, 310, 311, 312.

These are found on pages 3 through 7 of this packet.

Requirement 4: (1 point each) What is the balance of the following accounts on 1/31/22?

Work in Process Inventory __________________________

Finished Goods Inventory __________________________

Cost of Goods Sold _______________________________

Sales ___________________________

Requirement 5: (1 point each)

Which financial statement is cost of goods sold reported on? ________________________

Which financial statement is work in process inventory reported on? ________________________

Which financial statement is finished goods inventory reported on? ________________________