Iron, Inc. designs and builds basketball gymnasiums. Each gymnasium is custom-built to individual customers specifications....
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Iron, Inc. designs and builds basketball gymnasiums. Each gymnasium is custom-built to individual customers specifications. Iron uses job-order costing to keep track of its costs. In February it worked on three jobs. Data for these jobs are as follows:
Job 177
Job 178
Job 179
Balance 2/1
$13,790
$ 0
$ 0
Direct Materials
16,977
8,973
32,988
Direct Labor Cost
22,251
7,720
46,608
Machine Hours
400hrs.
300hrs.
2,000hrs.
Overhead is applied to jobs at the rate of $22 per machine hour. By February 28, Job 178 is the only one unfinished. Jobs 177 and 179 are sold during February. Iron sells its product at cost plus 40%.
Calculate the balance of Work-in-Process on February 28.
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