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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 Job 33 Job 34 Balance on 3/1 $ 5,900 4,200 $ 10,100 Source documents revealed the following during March: Materials. Requisitions Forms Job 33 Job 34 Job 35 Indirect $ 2,100 3,000 3,600 1,000 $ 9,700 Labor Time Tickets $ 4,100 4,600 2,700 2,600 $ 14,000 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 65 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.
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