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A company uses a job-order cost system and applies overhead on the basis of machine hours using a predetermined overhead rate. For the year,, budgeted manuf. overhead is 4,800,000 and the expected activity level is 120,000 machine hours. Data regarding jobs in January are below.
By the end of March, 2017 all jobs but 824 & 825 were completed, and all completed jobs had been delivered to customers with the exception of 567 and 123 job no bal. 2/28/2017 direct material direct labor machine hours
134 218,635 18,250 28,400 240
567 69,123 13,625 12,160 375
123 95,632 2,680 5,460 291
824 18,520 68,400 45,000 2,100
996 0 105,000 136,800 3,200
825 0 28,900 12,580 1,400
1. find the January ending balances for the following accounts:
a. Work in Process
b. Finished Goods
2. What is the amount of Cost of Goods Manufactured?
3. What was the cost of goods sold?