Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations:
a. Materials purchased on account, $28,610.
b. Materials requisitionedand factory labor used:
Job
Materials
Factory Labor
301
$2,810
$2,640
302
3,710
3,920
303
2,340
1,910
304
8,210
7,110
305
5,360
5,270
306
3,780
3,390
For general factory use
1,060
4,040
c. Factory overhead costs incurred on account, $5,710.
d. Depreciation of machinery and equipment, $1,910.
e. The factory overhead rate is $55 per machine hour. Machine hours used:
Job
Machine Hours
301
24
302
36
303
29
304
73
305
41
306
24
Total
227
f. Jobs completed: 301, 302, 303 and 305.
g. Jobs were shipped and customers were billed as follows: Job 301, $8,520; Job 302, $10,770; Job 303, $15,650.
Answer Required:
1.
Prepare a schedule of unfinished jobs to support the balance in the work in process account.
Please go into detail about how you do it so that I can learn. Thanks.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
