Reference no: EM132625152
Hill Construction Company uses a job-order costing system. The company had three jobs in process at the beginning of the month. The beginning balance in the Work in Process control account was $145,400, made up of $42,400, $65,100, and $37,900 shown on the job cost sheets for Jobs 302, 303, and 304, respectively. During the month, Hill added the following materials and labor costs to each job:
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Inventory
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Materials
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Labor
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Job 302
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$10,200
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$32,000
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Job 303
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12,400
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18,000
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Job 304
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16,500
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10,000
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Total
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$39,100
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$60,000
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Overhead cost is applied at the predetermined rate of $0.60 per direct labor dollar. Actual overhead costs for the month were $36,800. Hill completed Job 303 and sold it for $129,000 cash during the month.
Required
Question a. Determine the balance in the Work in Process account at the end of the month.
Question b. Explain how the entry to close the Manufacturing Overhead account would affect the Cost of Goods Sold account.
Question c. Determine the amount of gross margin Hill would report on its income statement for the month.
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