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Minchoy Corporation uses a job order cost accounting system. Five jobs were worked on during the current year. The predetermined overhead rate is 20%...
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 RequisitionsTime Tickets101$66,000$32,000102$63,000$74,000103$39,000$50,000104$32,000$36,000105$53,000$68,000Part 1–Complete the job cost sheets for each job.Job No. 101Job No.102Job No.103MaterialsMaterialsMaterialsLaborLaborLaborOverheadOverheadOverheadTotal CostTotal CoastTotal CoastFinishedJob No. 104Job No. 105MaterialsMaterialsLaborLaborOverheadOverheadTotal CostTotal CostStatusSoldStatusFinishedPart 2–Identify the amounts of each of the following accounts at the end of the perioda. Work in Process____________________b. Finished Goods____________________c. Cost of Goods Sold____________________
