ACC 206 WEEK 3 ASSIGNMENT 2

ACC 206 WEEK 3 . Computations using a job order system 
General Corporation employs a job order cost system. On May 1 the following balances were extracted from the general ledger;
	
Work in process 	$ 35,200 
Finished goods 		86,900 
Cost of goods sold 	128,700 

Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500. These figures are subdivided as follows:

Direct Materials		Direct Labor
Job No.	 	Amount		Job No.		Amount
101		$5,000 		101		$7,800 
115		19,500		103		20,800
116		36,200		115		42,000
Other		35,800		116		18,000
		$96,500 		Other 		25,900
						$114,500 
				
				
				
				
				
				
				
				
Job no. 115 was the only job in process at the end of the month. Job no. 101 and three "other" jobs were sold during May at a profit of 20% of cost. The "other" jobs contained material and labor charges of $21,000 and $17,400, respectively. 

General applies overhead daily at the rate of 150% of direct labor cost as labor summaries are posted to job orders. The firm's fiscal year ends on May 31.

Instructions:
a.	Compute the total overhead applied to production during May. 
b.	Compute the cost of the ending work in process inventory. 
c.	Compute the cost of jobs completed during May. 
d.	Compute the cost of goods sold for the year ended May 31.