Determine the balance in each of the work in proces accounts

Reference no: EM131881849

Problem

Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April, but not sold. Job C was started during April, but not completed. The job cost sheets revealed the following costs for April:

	Job A	Job B	Job C
Cost of Jobs in Process, 4/1/2013	$12,000	$ 1,000	$ -
Direct Materials Used	2,000	8,000	9,000
Direct Labor	10,000	8,000	3,000
Applied Manufacturing Overhead	2	2	2

If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April:

a. Work in Process
b. Finished Goods
c. Cost of Goods Sold

Reference no: EM131881849

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