Question Completion:
Job A Job B Job C
Cost of Jobs in Process, 4/1/2013 $12,700 $1,100 $?
Direct Materials Used 2,700 9,400 11,100
Direct Labor 11,400 9,400 3,700
Applied Manufacturing Overhead ? ? ?
Required:
If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April:
A: Work In Process
B. Finished Goods
C. Cost of Goods Sold
Answer:
Jenkins Company
The balance in each of the following accounts at the end of April:
A: Work In Process = $17,575
B. Finished Goods = $26,950
C. Cost of Goods Sold = $35,350
Explanation:
a) Data and Calculations:
Job A Job B Job C
Cost of Jobs in Process, 4/1/2013 $12,700 $1,100 $?
Direct Materials Used 2,700 9,400 11,100
Direct Labor 11,400 9,400 3,700
Applied Manufacturing Overhead 8,550 7,050 2,775
Total manufacturing costs $35,350 $26,950 $17,575
Direct labor hours 570 470 185
Direct labor rate = $20 per hour
Predetermined overhead rate = $1`5
A: Work In Process = Job C = $17,575
B. Finished Goods = Job B = $26,950
C. Cost of Goods Sold = Job A = $35,350
