During a recent month Pisces, Inc. reported the following activity: Overhead is

Question

During a recent month Pisces, Inc. reported the following activity:

Overhead is allocated at $6.25 per direct labour hour. Jobs 1, 2, and 3 were completed, and Job 1 was delivered to the customer.

Determine the following amounts:

a) Ending work in process inventory
b) Cost of the jobs that were completed
c) Costs of goods sold
d) Ending finished goods inventory

Jobs Beginning balance S1,500 S2,000 $1,000 S 400 Direct materials Direct labour Direct labour hours 33 0 100 1,200 3,000 495 405 300 450 30 27 20

Explanation / Answer

1 2 3 4 total Beginning balance 1500 2000 1000 400 4900 cost added during the year Direct materials 0.00 100.00 1200.00 3000.00 4300.00 Direct labor 16335.00 10935.00 6000.00 13500.00 46770.00 overhead applied 3093.75 2531.25 1875.00 2812.50 10312.50 total cost added during the year 20928.75 15566.25 10075.00 19712.50 66282.50 total cost 22428.75 17566.25 11075.00 20112.50 71182.50 a) ending work in process inventory 20,112.50 (job4) b) cost of the jobs that were completed 51070.00 (job 1,2,3) c) cost of goods sold 22428.75 (job 1) d) ending finished goods inventory 28641.25 (job 2,3) (round answers if required)

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