Part 3B. Chung Corporation uses a job-order costing system. Five jobs were worked on during...
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Part 3B. Chung Corporation uses a job-order costing system. Five jobs were worked on during the current year. The predetermined overhead rate is 20% of direct labor costs. The following cost information is available (all materials and time ticket information apply to direct costs):
Part I - Complete job cost sheets for each job. (2 Points each)
| Job Materials Requisitions | Time Tickets $32,000 $74,000 $50,000 $36,000 $68,000 |
| 101 $76,000 | |
| 102 $64,000 | |
| 103 $49,000 | |
| 104 $34,000 | |
| 105 $63,000 |
Part I - Complete job cost sheets for each job. (2 Points each
| Job No. 101 | Job No. 102 | Job No. 103 |
| Materials | Materials | Materials |
| Labor | Labor | Labor |
| Overhead | Overhead | Overhead |
| Total Cost | Total Cost | Total Cost |
| Status In Process | Status Sold | Status Finished |
| Job No. 104 | Job No. 105 |
| Materials | Materials |
| Labor | Labor |
| Overhead | Overhead |
| Total Cost | Total Cost |
| Status Sold | Status Finished |
Part II - Identify the amounts of each of the following accounts at the end of the period (3 Points) a. Work in Process________ b. Finished Goods________
c. Cost of Goods Sold________
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