Question

Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the...

Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs:

Work in Process Balance on 3/1
Job 33 $ 4,400
Job 34 3,100
$ 7,500

Source documents revealed the following during March:         

Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End
Job 33 $ 2,100 $ 4,300 Completed and sold
Job 34 2,700 5,000 Completed, but not sold
Job 35 3,300 2,800 In process
Indirect 1,200 2,600
$ 9,300 $ 14,700


The company applies overhead to products at a rate of 75 percent of direct labor cost.

Required:

1.  Compute the cost of Jobs 33, 34, and 35 at the end of the month.



2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the...
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Balance on 3/1 Job 33 $ 6,000 Job 34 3,200 $ 9,200 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,700 $ 5,400 Completed and sold Job 34 3,800 4,000...
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the...
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs:         Work in Process Balance on 3/1 Job 33 $ 6,000 Job 34 3,900 $ 9,900 Source documents revealed the following during March:          Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 2,200 $ 5,700 Completed and sold Job 34 2,400 3,000...
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the...
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Balance on 3/1 Job 33 $ 5,900 Job 34 4,000 $ 9,900 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,900 $ 5,000 Completed and sold Job 34 2,700 4,900...
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the...
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Balance on 3/1 Job 33 $ 4,300 Job 34 4,700 $ 9,000 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,800 $ 4,200 Completed and sold Job 34 3,600 3,100...
Johnson Company uses a job-order costing system and started the month of March with three jobs...
Johnson Company uses a job-order costing system and started the month of March with three jobs in process. The cost of beginning work in process plus the costs added during March are shown below: Job #1 Job #2 Job #3 beginning work in process ..... $4,930 $4,970 $2,840 COSTS ADDED DURING MARCH: direct materials .............. $3,400 $4,200 $4,600 direct labor .................. $5,000 $4,000 ? Johnson applies overhead to jobs based on a percentage of direct materials used. During March, Johnson...
Madtack Company uses a job-order costing system and started the month of March with only one...
Madtack Company uses a job-order costing system and started the month of March with only one job in process (Job #359). This job had $5,000 of total cost assigned to it at the beginning of March. Madtack applies overhead to jobs at a rate of 175% of direct labor cost. During March, Madtack assigned production costs as follows to the jobs worked on during the month: Job #359 Job #360 Job #361 direct materials .......... $1,000 $5,000 $3,000 direct labor...
Madtack Company uses a job-order costing system and started the month of March with only one...
Madtack Company uses a job-order costing system and started the month of March with only one job in process (Job #359). This job had $5,000 of total cost assigned to it at the beginning of March. Madtack applies overhead to jobs at a rate of 175% of direct labor cost. During March, Madtack assigned production costs as follows to the jobs worked on during the month: Job #359 Job #360 Job #361 direct materials .......... $1,000 $5,000 $3,000 direct labor...
On March 1 a dressmaker starts work on three custom-designed wedding dresses. The company uses job...
On March 1 a dressmaker starts work on three custom-designed wedding dresses. The company uses job order costing and applies overhead to each job (dress) at the rate of 54% of direct materials costs. During the month, the jobs used direct materials as shown below. Job 1 Job 2 Job 3 Direct materials used $6,400 $8,400 $2,900 During the month, the jobs used direct labor as shown below. Jobs 1 and 3 are not finished by the end of March,...
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At...
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of March, Mendez Company had two jobs in process, Job 86 and Job 87, with the following accumulated cost information: Job 86 Job 87 Direct materials $4,800 $1,600 Direct labor 1,200 3,000 Applied overhead 888 2,220 Balance, March 1 $6,888 $6,820 During March, two more jobs (88 and 89) were started. The following direct materials and direct labor costs were added to...
Waldbauer Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed...
Waldbauer Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month. In October the company completed job N66B that consisted of 10,000 units of one of the company's standard products. No other jobs were in process during the month. The job cost sheet for job N66B shows the following costs: Beginning balance $ 41,000 Direct materials $251,000 Direct labor cost $ 98,000 Manufacturing...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT