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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 Balance on 3/1 $ 7,500 Job 33 Job 34 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 S 3,500 S 6,500 Completed and sold Job 34 Job 35 Indirect - 6,000 4,200 7,800 3,250 1.30010 Completed, but not sold In process 2,140 S19,690 S 15,000 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 10,000 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 Finished Goods Inventory Cost of Goods Sold S 31,500
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