Iron, Inc. designs and builds basketball gymnasiums. Each gymnasium is custom-built to individual customers specifications....
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Iron, Inc. designs and builds basketball gymnasiums. Each gymnasium is custom-built to individual customers specifications. Iron uses job-order costing to keep track of its costs. In February it worked on three jobs. Data for these jobs are as follows:
| Job 177 | Job 178 | Job 179 | |
| Balance 2/1 | $13,790 | $ 0 | $ 0 |
| Direct Materials | 16,977 | 8,973 | 32,988 |
| Direct Labor Cost | 22,251 | 7,720 | 46,608 |
| Machine Hours | 400hrs. | 300hrs. | 2,000hrs. |
Overhead is applied to jobs at the rate of $22 per machine hour. By February 28, Job 178 is the only one unfinished. Jobs 177 and 179 are sold during February. Iron sells its product at cost plus 40%.
Calculate the balance of Work-in-Process on February 28.
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You can see the logs in the Dashboard.