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Calculate the cost of the work in process

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Reference no: EM131942276

Problem - Pendarvis Company uses a job-order costing system and has the following information for the first week of June:

1. Direct labor and direct materials used:

Job No. Direct Material Direct Labor Hours

498 $1,500 116

506 960 16

507 415 18

508 345 42

509 652 24

511 308 10

512 835 30

Total $5,015 256

2. The direct labor wage rate is $4 per hour.

3. The overhead rate is $5 per direct labor hour.

4. Actual overhead costs for the week, $1,480.

5. Jobs completed: Nos. 498, 506, and 509.

6. The factory had no work in process at the beginning of the week.

Required:

a. Prepare a summary that will show the total cost assigned to each job.

b. Compute the amount of overhead over- or underapplied during the week.

c. Calculate the cost of the work in process at the end of the week.

Reference no: EM131942276

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