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Components of Ending Work-in-Process The Oxford Company uses a job order cost system and applies...

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Accounting

Components of Ending Work-in-Process

The Oxford Company uses a job order cost system and applies factory overhead to jobs on the basis of direct labor cost. During the month of July, the following activities took place in the work-in-process account:

Work-in-Process

Beginning $15,000
Direct materials $10,000
Direct Labor $30,000
Overhead Applied

$15,000
To Finished Goods $50,000

At the end of July, only one job (Job #15), was still in process. This job has been charged with $2,000 of direct materials cost.

Required:

Determine the amount of labor cost incurred and overhead applied in the ending inventory of work-in-process on July 31.

A step-by-step on how to get started and work through this problem would be super appreciated!

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