Question

Job Costing National Widget Company (NWC) uses a job costing system to accumulate cost information for...

Job Costing

National Widget Company (NWC) uses a job costing system to accumulate cost information for its manufacturing process and allocates manufacturing overhead using a rate of $9 per direct labor hour. At the start of May, the following jobs were in process and had accumulated costs as indicated:

Job Number

Direct Material

Direct Labor

Allocated MOH

51

$   7,500

$   8,200

$   3,280

52

19,000

4,400

1,760

During May, NWC incurred the following direct material and direct labor costs on its jobs:

Job Number

Direct Material

Direct Labor

51

$   5,000

$   8,900

52

1,000

4,000

53

7,200

9,800

54

16,800

14,200

By the end of May, jobs 51, 52 and 54 were complete and jobs 52 and 54 had been sold. Based on the information above, determine the following amounts (Hint: Think about the status of each job on May 31, and which inventory account its costs are in).

  1. Work-in-process inventory at May 31
  1. Finished goods inventory at May 31
  1. Cost of Goods Sold for May

PLEASE SHOW WORK

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