Part 3B. Chung Corporation uses a job-order costing system. Five jobs were worked on during...
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Part 3B. 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 apply to direct costs):
Part I - Complete job cost sheets for each job. (2 Points each)
Job Materials Requisitions
Time Tickets $32,000 $74,000 $50,000 $36,000 $68,000
101 $76,000
102 $64,000
103 $49,000
104 $34,000
105 $63,000
Part I - Complete job cost sheets for each job. (2 Points each
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 II - Identify the amounts of each of the following accounts at the end of the period (3 Points) a. Work in Process________ b. Finished Goods________
c. Cost of Goods Sold________
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