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The Genesis Company uses a job-order cost system. The following data were recorded for May: Job Number Work in Progress Direct Materials Direct Labour 1
The Genesis Company uses a job-order cost system. The following data were recorded for May: | |||||||||||||
Job Number | Work in Progress | Direct Materials | Direct Labour | ||||||||||
1 | 4,500 | 450 | 500 | ||||||||||
2 | 3,000 | 750 | 600 | ||||||||||
3 | 900 | 650 | 150 | ||||||||||
4 | 1,300 | 450 | 900 | ||||||||||
Overhead is charged to production at 65% of direct materials cost. Jobs 1,2 and 3 were completed during May and transferred to finished goods. Jobs 1 and 2 have been delivered to customers. Calculate Genesis's work in progress stock balance at the end of May. (To 2 decimal places) |
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