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Stellar Sound, Inc. which uses a job-order costing system, had two jobs in process at the start of 20x1: job no. 64 ($84,200) and job
Stellar Sound, Inc. which uses a job-order costing system, had two jobs in process at the start of 20x1: job no. 64 ($84,200) and job no. 65 ($53,500). The following information is available: a. The company applies manufacturing overhead on the basis of machine hours (based on practical capacity). Budgeted overhead and machine activity for the year were anticipated to be $808,000, and 16,000 hours, respectively. b. The company worked on four jobs during the first quarter. Direct materials used, direct labor incurred, and machine hours consumed were as follows: Direct Job No. Material 64 $ 21,000 65 - 66 44,000 67 15,000 Direct Machine Labor Hours $35,000 1,200 22,000 700 65,000 2,000 8,800 500 c. Manufacturing overhead during the first quarter included charges for depreciation ($33,300), indirect labor ($60,200), indirect materials used ($5,000), and other factory costs ($139,500). d. Stellar Sound completed job no. 64 and job no. 65. Job no. 65 was sold on account, producing a profit of $34,800 for the firm. Required: 3. Determine the cost of jobs still in production as of March 31. (Round your answer to 2 decimal places.) Cost of the jobs in production
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