Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please shows the work Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order.

image text in transcribedimage text in transcribedplease shows the work

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 3,500 $ 9,200 Source documents revealed the following during March: Materials Requisitions Labor Time Forms Tickets Status of Job at Month-End Job 33 $ 2,400 $ 5,300 Completed and sold Job 34 3,600 4,300 Completed, but not sold Job 35 3,500 3,400 In process Indirect 500 2,900 $10,000 $ 15,900 The company applies overhead to products at a rate of 65 percent of direct labor cost. Required 1 Required 2 Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month- end. $ 21,700 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

Investment Grade Energy Audit Making Smart Energy Choices

Authors: Shirley J. Hansen, James W. Brown

1st Edition

0824709284, 978-0824709280

More Books

Students also viewed these Accounting questions

Question

2. What potential barriers would you encourage Samuel to avoid?

Answered: 1 week ago