Stone Creek Furniture Factory (SCFF), a custom furniture manufacturer, uses a job order costing to track the
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Question:
Stone Creek Furniture Factory (SCFF), a custom furniture manufacturer, uses a job order costing to track the cost of each customer order. On March 1, SCFF had two jobs in process with the following costs: |
Work in Process | Balance on 3/1 | |||
Job 33 | $ | 5,200 | ||
Job 34 | 4,900 | |||
$ | 10,100 | |||
Source documents revealed the following during March: |
Materials Requisitions Forms | Labor Time Tickets | Status of Job at Month-End | |||||||
Job 33 | $ | 2,300 | $ | 5,900 | Completed and sold | ||||
Job 34 | 3,600 | 3,600 | Completed, but not sold | ||||||
Job 35 | 4,900 | 3,400 | In process | ||||||
Indirect | 1,500 | 2,000 | |||||||
$ | 12,300 | $ | 14,900 | ||||||
The company applies overhead to products at a rate of 65 percent of direct labor costs. |
Requirement 2: |
Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end. (Omit the "$" sign in your response.) |
Work in process | $ |
Finished goods inventory | $ |
Cost of goods sold | $ |
Related Book For
Managerial Accounting
ISBN: 978-0078025518
2nd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
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