Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This problem is worth 15 points. Q Company uses Job Order Costing. At the beginning of July it had Job #75 in process with $3,500

image text in transcribed
This problem is worth 15 points. Q Company uses Job Order Costing. At the beginning of July it had Job #75 in process with $3,500 in direct materials, $2,760 in direct labor, and $1,932 in overhead costs assigned to date. During July, Job #75 got $1,980 more in direct materials and $1,200 in direct labor using 60 labor hours. Job #75 was then finished and sold to a customer named Sharon Garvin. During July, two NEW jobs were started. Job #76 got $1,100 of direct materials and $780 in direct labor using 39 labor hours. It was not yet finished at the end of July. Job #77 got $4,400 of direct materials and $3,000 in direct labor using 150 labor hours. Job #77 was finished, but has not yet been sold to any customer yet. The predetermined overhead application rate was $14 per direct labor hour. REQUIRED: Type your answers in the space provided for the following five questions. (I can only give partial credit if you include how you calculated the figures.) (a) What was the total cost of Job #75? (b) What is the cost of Job #76 so far? (c) What was the total cost of Job #77? (d) Based on your answers for parts "a" through "c", what is the cost of Work-In- Process Inventory at the end of July? (e) Based on your answers for parts a though "c" what is the cost of Finished Goods Inventory at the end of July? . liais Inert Cormat Tale Tahla

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

Auditors Letter Handbook

Authors: American Bar Association Business Law Section

2nd Edition

161438973X, 978-1614389736

More Books

Students also viewed these Accounting questions