Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $199,200 of raw materials on credit; issued materials to production of $196,000 of which $30,300 were indirect. Minstrel incurred a factory payroll of $150,600, of which $40,300 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel's beginning and ending Work in Process Inventory are $15,600 and $27,200 respectively. Compute the cost of jobs transferred to Finished Goods Inventory.

$429,850

Explanation:

The computation of the cost of jobs transferred to Finished Goods Inventory is shown below:

= Beginning Work in Process Inventory + direct material + direct factory payroll + overhead cost - Ending Work in Process Inventory

Here,  

Direct material = Total material - indirect material  

                         = $196,000 - $30,300

                       = $165,700

Direct factory payroll = Total factory payroll - indirect labor

= $150,600 - $40,300

= $110,300

And, Overhead cost = 150% of direct labor cost

= 150% × $110,300

= $165,450

Now the cost of job transferred would be

= $15,600 + $165,700 + $110,300 + $165,450 - $27,200

= $429,850

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