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Question
Minchoy Corporation uses a job order cost accounting 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 1Complete 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 2Identify 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____________________
Answer
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