During the current month, Standard Corporation completed Job 310 and Job 312. Job 310 cost $70,000 and Job 312 cost $50,000. Job 312 was sold. Using the format shown in Illustration 12.24, record the completion of the two jobs and the sale of Job 312. Apply manufacturing overhead and determine under- or overapplication.

Data From Illustration 12.24

Transcribed Image Text:

Flow of Costs WORK IN FINISHED PROCESS GOODS COST OF MANUFACTURING COSTS INVENTORY INVENTORY GOODS SOLD Raw Factory Labor Materials Manuf. Overhead Inventory Accumulation Assignment (1) (2) (3) +$42,000 +$32,000 1. Purchase raw 4. Raw materials are +$4,800 +2,000 materials used 5. Factory labor is used 6. Overhead is applied 7. Completed goods are recognized 8. Cost of goods sold is recognized (3) (3) (3) 2. Incur factory labor +2,600 3. Incur +3,000 manufacturing overhead (3) (4) (4) (5) +1,400 -24,000 +$24,000 -6,000 +6,000 -28,000 +28,000 (5) (6) -4,000 +4,000 -22,400 +22,400 +$39,000 -39,000 (7) -39,000 (8) +$39,000 Ending balance $12,000 $ $1,400 $35,400 $ $39,000