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XYZ Company uses job order costing. Job 101 was started with the following costs: Direct materials $5,000, Direct labor $3,000 (200 hours at $15 per
XYZ Company uses job order costing. Job 101 was started with the following costs: Direct materials $5,000, Direct labor $3,000 (200 hours at $15 per hour), and Manufacturing overhead is applied at a rate of $10 per labor hour. At the end of the month, Job 101 was completed.
Tasks:
- Calculate the total cost of Job 101.
- Prepare the journal entries to record the direct materials, direct labor, and applied overhead.
- Prepare the journal entry to record the completion of Job 101.
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