Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1,

image text in transcribedimage text in transcribedimage text in transcribed

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 Job 33 Job 34 Balance on 3/1 $5,100 4,900 $10,000 Source documents revealed the following during March: Job 33 Job 34 Materials Requisitions Forns $3,600 Labor Tine Tickets $5,300 3,600 4,300 Job 35 Indirect 4,600 2,600 1,200 $13,000 2,200 $ 14,400 Status of Job at Month-End Completed and sold Completed, but not sold In process The company applies overhead to products at a rate of 60 percent of direct labor cost Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: James D. Stice, Earl K. Stice, Fred Skousen

16th Edition

324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140

More Books

Students also viewed these Accounting questions

Question

Describe the meaning of financial bootstrapping.

Answered: 1 week ago

Question

Why do some people resist change?

Answered: 1 week ago

Question

How have you acted as a role model in health issues?

Answered: 1 week ago

Question

What do you want to achieve within the next five years?

Answered: 1 week ago