Chung Corporation uses a job order costing system Five jobs were worked

Question

Chung Corporation uses a job order costing system. Five jobs were worked on during the current year. The predetermined overhead rate is 20% of direct labor costs. The following cost information is available (all materials and time ticket information applies to direct costs):

Job	Materials Requisitions	Time Tickets
101	$66,000	$32,000
102	$63,000	$74,000
103	$39,000	$50,000
104	$32,000	$36,000
105	$53,000	$68,000

Part 1"Complete the job cost sheets for each job.

Job No. 101		Job No. 102		Job No. 103
Materials		Materials		Materials
Labor		Labor		Labor
Overhead		Overhead		Overhead
Total Cost		Total Cost		Total Cost
Status	In Process	Status	Sold	Status	Finished

Job No. 104		Job No. 105
Materials		Materials
Labor		Labor
Overhead		Overhead
Total Cost		Total Cost
Status	Sold	Status	Finished

Part 2"Identify the amounts of each of the following accounts at the end of the period
a. Work in Process____________________
b. Finished Goods____________________
c. Cost of Goods Sold____________________