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Chung Corporation Uses a Job Order Costing System Part 1-Complete Job Cost Sheets for Each Job

question 216

Essay

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):

$\begin{array} { c c c } \text { Job } & \text { Materials Requisitions } & \text { Time Tickets } \\101 & \$ 66,000 & \$ 32,000 \\102 & \$ 63,000 & \$ 74,000 \\103 & \$ 39,000 & \$ 50,000 \\104 & \$ 32,000 & \$ 36,000 \\105 & \$ 53,000 & \$ 68,000\end{array}$ Part 1-Complete job cost sheets for each job.

$Chung Corporation uses a job order costing system. Five jobs were worked on during the current year. The predetermined overhead rate is 20% of direct labor costs. The following cost information is available (all materials and time ticket information applies to direct costs): \begin{array} { c c c } \text { Job } & \text { Materials Requisitions } & \text { Time Tickets } \\ 101 & \$ 66,000 & \$ 32,000 \\ 102 & \$ 63,000 & \$ 74,000 \\ 103 & \$ 39,000 & \$ 50,000 \\ 104 & \$ 32,000 & \$ 36,000 \\ 105 & \$ 53,000 & \$ 68,000 \end{array} Part 1-Complete job cost sheets for each job. Part 2-Identify the amounts of each of the following accounts at the end of the period a. Work in Process________ b. Finished Goods________ c. Cost of Goods Sold________$

$Chung Corporation uses a job order costing system. Five jobs were worked on during the current year. The predetermined overhead rate is 20% of direct labor costs. The following cost information is available (all materials and time ticket information applies to direct costs): \begin{array} { c c c } \text { Job } & \text { Materials Requisitions } & \text { Time Tickets } \\ 101 & \$ 66,000 & \$ 32,000 \\ 102 & \$ 63,000 & \$ 74,000 \\ 103 & \$ 39,000 & \$ 50,000 \\ 104 & \$ 32,000 & \$ 36,000 \\ 105 & \$ 53,000 & \$ 68,000 \end{array} Part 1-Complete job cost sheets for each job. Part 2-Identify the amounts of each of the following accounts at the end of the period a. Work in Process________ b. Finished Goods________ c. Cost of Goods Sold________$

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________

Definitions:

Split the Table

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The spacing or padding inside a cell in a table or a spreadsheet, defining the distance between the cell content and its borders.

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A visual indicator in word processing programs that shows where the right edge of the text will align within a paragraph.