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Jocarro Company has a job costing system. The following items appeared in the Work-in-Process account during February of the current year: February 1 balance $
Jocarro Company has a job costing system. The following items appeared in the Work-in-Process account during February of the current year: | ||
February 1 balance | $ 20,000 | |
Materials placed into production | ? | |
Direct labor (4,000 hours) | 120,000 | |
Plantwide overhead applied | 96,000 | |
Cost of goods manufactured | 400,000 | |
February 28 balance | 16,000 | |
Jocarro applies overhead to production based on direct labor hours. Job XX, the only job in process on Feb. 28, has been charged $10,600 materials cost and has 100 labor hours of direct labor time assigned to it. | ||
Show calucations to | ||
1.Determine the amounts of materials, direct labor, and plantwide overhead included in the February 28 Work in Process. | ||
2. Determine the amount of materials placed into production during February. |
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