ak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Balance on 3/1 Job 33 $ 7,500 Job 34 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,500 $ 6,500 Completed and sold Job 34 6,000 7,800 Completed, but not sold Job 35 4,200 3,250 In process Indirect 1,300 2,140 $ 15,000 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end.

Job 33  $ 27250

Job 34   $ 31500

Job 35    $ 12325

Cost of Goods Sold Job 33 $ 27250

Finished Goods Inventory Job 34 $ 31500

Work in Process Inventory Job 35 $ 12325

Explanation:

Work in Process Balance on 3/1

Job 33 $ 7,500

Job 34 6,000              

Total $ 13,500

Job 33

Direct Materials    $3500

Direct Labor        6500

Overheads (150%)  9750

Add Opening WIP  7500

Total Cost    $ 27250

We add the Direct Material Direct Labor and Mfg overheads with the opening balance of WIP to get the  total cost of given jobs.

Job 34

Direct Materials    $6000

Direct Labor        7800

Overheads (150%)  11700

Add Opening WIP  6000

Total Cost    $ 31500

Job 35

Direct Materials    $4200

Direct Labor        3250

Overheads (150%)    4875

Add Opening WIP  

Total Cost    $ 12325

Cost of Goods Sold Job 33 (given) $ 27250

Finished Goods Inventory Job 34 (given) $ 31500

Work in Process Inventory Job 35 (given)$ 12325

It is given in the question that Job 34 is transferred to Finished Goods , Job 35 is still in process and Job 33 is cost of goods sold.

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