Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Weston Company began operations in 2021. During the year, the company worked on three jobs. Information related to these three jobs is given below: Job
Weston Company began operations in 2021. During the year, the company worked on three jobs. Information related to these three jobs is given below: Job #1 Job #2 Job #3 direct materials ...... $40,300 $63,900 $22,600 direct labor cost ..... $53,500 $78,400 $34,600 By the end of the year, Job #1 and Job #2 were completed. Job #3 was not completed by the end of 2021. Additionally, by the end of 2021, Job #2 had been sold. Job #1 was not sold by the end of 2021. Overhead is applied to jobs using a pre-determined rate of 80% of direct labor cost. The actual overhead cost incurred during 2021 amounted to $142,740. Calculate the amount of cost of goods sold reported in the 2021 income statement after the overhead variance has been closed.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started