Question
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs:
Work in process balnce on 3/1
Job 33 4000
Job 34 5000
total: 9000
Materials Requisitions Forms | Labor Time Tickets | Status of Job at Month-End | |||||||
Job 33 | $ | 3,400 | $ | 4,700 | Completed and sold | ||||
Job 34 | 3,500 | 4,600 | Completed, but not sold | ||||||
Job 35 | 3,200 | 2,800 | In process | ||||||
Indirect | 800 | 2,600 | |||||||
$ | 10,900 | $ | 14,700 | ||||||
The company applies overhead to products at a rate of 50 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. Total Maufacturing Cost Job 33 = Job 34 = Job 35 = 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end. Work in Process Inventory = Finshed Goods Inventory = Cost of Goods Sold = |
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