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Woolworth is a manufacturing Company that has a Job Oder System. Its Worksheet for July 2020 has the following cost information: Materials used $150,000 Direct
Woolworth is a manufacturing Company that has a Job Oder System. Its Worksheet for July 2020 has the following cost information: Materials used $150,000 Direct labor used 300,000 Factory Overhead is pre-determined at 3 times of material cost. There were 1000 units in production. Required: a. Compute the total cost of goods in production. No Statement is required. b.What is the unit cost of production? Show computation. c.Suppose you sold one-half of the goods manufactured for cash at 5 times of your cost, prepare the general journal entries to record the finished Job Inventory, Cost of goods Sold and Sales Revenue of the Job
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