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, OCFF

image text in transcribed
image 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 $7,500 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Labor Time Forms Tickets Status of Job at Month-End Job 33 $ 3,500 $6,500 completed and sold Job 34 6,000 7,800 Completed, but not sold Job 35 4,200 3,250 In process Indirect 1,300 2.140 $ 15,000 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost The company applies overhead to products at a rate of 150 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34 and 35 at the end of the month. Total Manufacturing Cost Job 33 Job 34 Job 35 vu 27250 31,500 12,325 $ 2. Calculate the balance in the Work In Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end. 26,950 Work in Process Inventory Finished Goods Inventory Cost of Goods Sold

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

Management Accounting Information For Decision Making

Authors: Anthony A. Atkinson

7th Edition

1618533517, 9781618533517

More Books

Students also viewed these Accounting questions