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Minchoy Corporation uses a job order cost accounting system. Five jobs were worked on during the current year. The predetermined overhead rate is 20% of
Minchoy Corporation uses a job order cost accounting system. Five jobs were worked on during the current year. The predetermined overhead rate is 20% of direct labor costs. The following cost information is available (all materials and time ticket information applies to direct costs): Job Materials Requisitions Time Tickets 101 $66,000 $32,000 102 $63,000 $74,000 103 $39,000 $50,000 104 $32,000 $36,000 105 $53,000 $68,000 Part 1Complete the job cost sheets for each job. Job No. 101 Job No.102 Job No.103 Materials Materials Materials Labor Labor Labor Overhead Overhead Overhead Total Cost Total Coast Total Coast Status In Process Status Sold Status Finished Job No. 104 Job No. 105 Materials Materials Labor Labor Overhead Overhead Total Cost Total Cost Status Sold Status Finished Part 2Identify the amounts of each of the following accounts at the end of the period a. Work in Process____________________ b. Finished Goods____________________ c. Cost of Goods Sold____________________
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