Job A3B was ordered by a customer on September 25. During the month of September

Question

Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $3,500 of direct materials and used $5,000 of direct labor. The job was not finished by the end of the month, but needed an additional $4,000 of direct materials and additional direct labor of $8,500 to finish the job in October. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost incurred. What is the balance in the Work in Process account at the end of September relative to Job A3B?

Explanation / Answer

What is the balance in the Work in Process account at the end of September relative to Job A3B?

Solution: $18,500

Working: DM $3,500 + DL $5,000 + Overhead ($5,000*2) = 18,500

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