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Question - Pham Company builds internal conveyor equipment to client specifications. On March 1, Job 872 was in process with a cost of $17,320 to date. During March, Jobs 873, 874, and 875 were started. Data on costs added during March for all jobs are as follow:
Job 872
Job 873
Job 874
Job 875
Direct Materials
$13,960
$7,000
$350
$4,800
Direct Labour
$13,800
$10,000
$1,500
$4,000
Overhead is applied to production at the rate of 70 percent ($0.70/DL) of direct labour cost. Job 873 was completed on March 28, and the client was billed at cost plus 40 percent. All other jobs remained in process.
Required -
1. Calculate and add applied overhead to each job.
2. Complete the end of March job-order cost sheets (i.e. calculate total cost of each job).
3. Calculate the balance in the Work in Process account as of March 31.
4. Calculate the price of Job 873.
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