PLEASE HIGHLIGHT THE ANSWER Wrap Corporation is a job-order costing company. The...
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PLEASE HIGHLIGHT THE ANSWER Wrap Corporation is a job-order costing company.
The following information about the jobs was given for March:
Job 201
Job 202
Job 203
Job 204
Balance 3/1
$64,500
$40,250
$31,400
0
Direct materials
64,000
32,300
21,000
16,000
Direct labor
82,000
39,600
45,000
25,000
Allocated Overhead
164,000
79,200
90,000
50,000
Total 3/31 (???)
By March 31, Jobs 202 and 203 were completed. Job 203 was sold for $290,000, only sale for the month. The remaining jobs were still in process. There were no other job orders in any inventory account.
Question: The March gross profit was
A) $106,200 B) $102,800 C) $102,600 D) $102,400 Question: Wrap would use a Job Order system because they
A) Produce a low volume of very different units B) Produce a large volume of similar units C) Like to give the job orders different sounding names D) Like to use a different color for each job order
Wrap Corporation is a job-order costing company.
The following information about the jobs was given for March:
Job 201 | Job 202 | Job 203 | Job 204 | |
Balance 3/1 | $64,500 | $40,250 | $31,400 | 0 |
Direct materials | 64,000 | 32,300 | 21,000 | 16,000 |
Direct labor | 82,000 | 39,600 | 45,000 | 25,000 |
Allocated Overhead | 164,000 | 79,200 | 90,000 | 50,000 |
|
|
|
|
|
Total 3/31 (???) |
|
|
|
|
By March 31, Jobs 202 and 203 were completed. Job 203 was sold for $290,000, only sale for the month. The remaining jobs were still in process. There were no other job orders in any inventory account.
Question: The March gross profit was
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