Answered step by step
Verified Expert Solution
Question
1 Approved Answer
JobCo Inc. uses a Job Cost System to value inventory and cost of goods sold. During the month of Feb. the following jobs were started
JobCo Inc. uses a Job Cost System to value inventory and cost of goods sold. During the month | ||||||||
of Feb. the following jobs were started and costs incurred: | ||||||||
Job | Material Cost | Direct Labor Cost | Mfg. Overhead | |||||
101 | $1,000 | $ 5,000 | $10,000 | |||||
102 | $2,000 | $ 7,500 | $12,000 | |||||
103 | $1,200 | $ 4,000 | $ 8,000 | |||||
104 | $ 800 | $ 1,500 | $ 3,000 | |||||
105 | $ 500 | $ 3,000 | $ 6,000 | |||||
Jobs 101,103 and 104 were completed during the month. Jobs 101 and 103 were sold for a total of $40,000. | ||||||||
A. | Using the above information, complete the Job Cost Sheet below (assume no beginning inventory): | |||||||
Job | Material Cost | Direct Labor Cost | Mfg. Ovehead | Total Cost | Location | |||
101 | $1,000 | $ 5,000 | $10,000 | |||||
102 | $2,000 | $ 7,500 | $12,000 | |||||
103 | $1,200 | $ 4,000 | $ 8,000 | |||||
104 | $ 800 | $ 1,500 | $ 3,000 | |||||
105 | $ 500 | $ 3,000 | $ 6,000 | |||||
$ - | ||||||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started