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A company began operations on January 1, 20x3. The company uses a job order system and...

A company began operations on January 1, 20x3. The company uses a job order system and started the following jobs during January 20x3: Job 101 Job 102 Job 103 Direct materials $18422 $24413 $35988 Direct labour hours 971 1387 737 Additional information is as follows: Total estimated overhead $302539 Total estimated direct labour hours 19248 Actual direct labour rate $19 per direct labour hour All three jobs were completed by the end of January 20x3. Finished goods at January 31, 20x3 included Job 101 only. What is Cost of Goods Sold for January 20x3?

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Answer #1
Job 101 Job 102 Job 103
Direct labor hours 971 1387 737
Direct labor rate 19 19 19
Direct labor 18449 26353 14003
Total estimated overheads 302539
Estimated direct labor hours 19248
Predetermined overhead rate 15.72 (302539/19248)
Job 101 Job 102 Job 103
Predetermined overhead rate 15.72 15.72 15.72
Direct labor hours 971 1387 737
Overheads 15262 21801 11584
Job 101 Job 102 Job 103
Direct material 18422 24413 35988
Direct labor 18449 26353 14003
Overheads 15262 21801 11584
Total 52133 72567 61575
Finished goods inventory 31 january
Job 101 52133
Cost of goods sold
Job 102 72567
Job 103 61575
Total cost of goods sold 134142
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