Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107-were worked on during November and December. Job 105 was
Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107-were worked on during November and December. Job 105 was completed on December 10; the other two jobs were still in production on December 31, the end of the company's operating year. Data from the job cost sheets of the three jobs follow: Job Cost Sheet Job 105 Job 106 Job 107 November costs incurred: Direct materials $17, 100 $ 9,900 Direct labour $13, 600 $ 7,600 Manufacturing overhead $21, 760 $12, 160 December costs incurred: Direct materials $ 0 $ 8, 500 $ 22, 500 Direct labour $ 4, 450 $ 6,300 $ 10, 600 Manufacturing overhead 2 ? The following additional information is available: a. Manufacturing overhead is applied to jobs on the basis of direct labour cost. b. Balances in the inventory accounts at November 30 were as follows: Raw Materials $41, 800 Work in Process ? Finished Goods $88, 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