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Arnold co. hues a job order cost accounting system. Four jobs were started during the current year. The following is a record of the costs incurred.
Job#
Material used
Direct labor used
Direct labor hours used
1010
$35000
$62000
$7000
1011
49000
67000
6000
1012
25000
20000
3000
1013
16000
30000
4000
Actual overhead costs were $60,800. The predetermined overhead allocation rate is $3.50 per direct labor hour. During the year, jobs 1010, 1012, and 1014 were completed. Also, jobs 1010 and 1013 were sold for $362000 assuming that this is Arnold's first year of operations.
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