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
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 $ 5,700 4,600 $ 10,300 Source documents revealed the following during March: Materials Requisitions Labor Time Forms Tickets Status of Job at Month-End Job 33 $ 2,000 $ 5,600 Completed and sold Job 34 2,300 4,000 Completed, but not sold Job 35 4,800 2,000 In process Indirect 1,200 2,200 $ 10,300 $ 13,800 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. Complete this question by entering your answers in the tabs belov 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. Complete this question by entering your answers in the tabs belov Required 1 Required 2 Compute the cost of Jobs 33, 34, and 35 at the end of the month. Total Manufacturing es Cost Job 33 Job 34 Job 35 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. Complete this question by entering your answers in the tabs belov Required 1 Requirid 2 Calculate the balance in the Work in Process Inventory, Finished Goods Inv end. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold w 1

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

Financial Accounting

Authors: Jill Collis

1st Edition

1137335882, 978-1137335883

More Books

Students also viewed these Accounting questions