Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job or
ID: 2606187 • Letter: O
Question
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 balnce on 3/1
Job 33 4000
Job 34 5000
total: 9000
The company applies overhead to products at a rate of 50 percent of direct labor cost.
Required:
1. Compute the cost of Jobs 33, 34, and 35 at the end of the month.
Total Maufacturing Cost
Job 33 =
Job 34 =
Job 35 =
2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end.
Work in Process Inventory =
Finshed Goods Inventory =
Cost of Goods Sold =
Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,400 $ 4,700 Completed and sold Job 34 3,500 4,600 Completed, but not sold Job 35 3,200 2,800 In process Indirect 800 2,600 $ 10,900 $ 14,700The company applies overhead to products at a rate of 50 percent of direct labor cost.
Required:
1. Compute the cost of Jobs 33, 34, and 35 at the end of the month.
Total Maufacturing Cost
Job 33 =
Job 34 =
Job 35 =
2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end.
Work in Process Inventory =
Finshed Goods Inventory =
Cost of Goods Sold =
Explanation / Answer
1 : The Total Manufacturing Cost :
2. Month end balances:
Work in Process Inventory = $7400
Finshed Goods Inventory =$15400
Cost of Goods Sold = $14450
Job O Balance D Mat applied D Lab applied OH applied (50% of DL cost) Total Cost 33 4000 3400 4700 2350 14450 sold 34 5000 3500 4600 2300 15400 FG 35 0 3200 2800 1400 7400 WIPRelated Questions
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