Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Part 3 -Job Order Costing ( 30 points) MTT Custom Classics uses a job costing system. Overhead is applied on the basis of direct incomplete
Part 3 -Job Order Costing ( 30 points) MTT Custom Classics uses a job costing system. Overhead is applied on the basis of direct incomplete Cost of Gooread rate used is 200% of direct labor cost. The following is an ement for 2022 : At the start of the year. two inhe wam : . - ocess: Also at the start of the year, one job was completed and awaiting shipment: Job#200$5,000 During the year the firm started 107 jobs - all of the jobs from job \#203 through job \#309. During the year the firm completed 107 jobs - all of the jobs from job\# 201 through job \#307. The ending work-in-process inventory consisted of two jobs with the following total costs at year end: In addition, at the end of the vear two iobs were in finished goods: A total of $650,000 of manufacturing overhead cost was incurred in the year 2022 Required: 1. Calculate Cost of Goods manufactured 2. Calculate adjusted cost of goods sold, assuming any over- or under-applied overhead is closed to cost of goods sold. 3. During 2022 , job \#201 listed above was charged with additional direct materials of $1,000 and additional direct labor of $2,000. What was the total cost of job \#201 upon completion? 4. Suppose Job #298 had $2,000 of direct materials and $5,000 of direct labor. What is the total cost of job \#298? 5. Suppose job \#300 had a total cost of $600. The job had total direct labor cost of $150. What was the total direct material cost of job \#300
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started