Beginning WIP balance is 20,000 (composed of twos job: Job 1 with total cost of 12,000 and Job 2). For 2020, three jobs were being monitored by the company namely: Job 1 , Job 2 and Job 3. DM issued to production totaled 50,000 (includes DM issued of 20,000 for Job 1 and 20,000 to Job 2.). Factory payroll, net of deductions of 5,000, totaled 60,000. Factory payroll includes DL cot allocated to Job 1 of 10,000. OH rate is 80% of Direct labor cost. OH applied to Job 2 amounted to 11,200 . Assuming that Job 2 were still in process at the end of the year. What is the COGM?

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 3PA: Pocono Cement Forms expects $900,000 in overhead during the next year. It does not know whether it...
icon
Related questions
Question
Beginning WIP balance is 20,000 (composed of twos job: Job 1 with total cost of 12,000 and Job 2). For 2020, three jobs were being monitored by the company namely: Job 1 , Job 2 and Job 3. DM issued to production totaled 50,000 (includes DM issued of 20,000 for Job 1 and 20,000 to Job 2.). Factory payroll, net of deductions of 5,000, totaled 60,000. Factory payroll includes DL cot allocated to Job 1 of 10,000. OH rate is 80% of Direct labor cost. OH applied to Job 2 amounted to 11,200 . Assuming that Job 2 were still in process at the end of the year. What is the COGM?
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Cost allocation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning