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Sheffleld, Inc. manufactures ergonomically deslgned computer furniture. Sheffleld uses a job order costing system. On November 30, the Work In Process Inventory consisted of the
Sheffleld, Inc. manufactures ergonomically deslgned computer furniture. Sheffleld uses a job order costing system. On November 30, the Work In Process Inventory consisted of the following jobs: Job No CC723 CH291 Chair PS812 Units Computer caddy 22,000 16,000 28,000 Item Accumulated Cost $900,000 433,000 263,000 Printer stand $1,596,000 On November 30, Sheffield's Raw Materials Inventory account totaled $685,000, and its Finished Goods Inventory totaled $3,466,400. Sheffield applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead budget for the year totaled $4,750,000, and the company planned to use 950,000 machine hours during the year. Through the first eleven months of the year, the company used a total of 830,000 machine hours, total manufacturing overhead amounted to $4,294,500, and Cost of Goods Sold was $8,750,250. For the pursposes of this problem, ignore year-end disposition of over/ under applied overhead Sheffield purchased $648,000 in raw materials in December and incurred the following costs for jobs in process that month: Materials Machine Direct Labor Direct Labor Job No. CC723 CH291 PS812 DS444 Issued $172,000 $17,200 $247,000 $258,000 Hours Hours Cost 14,000 4,800 20,300 14,000 12,600 3,900 15,300 13,900 $126,400 $49,200 $200,500 $141,000 The following jobs were completed In December and transferred to the Finished Goods Inventory
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