Hi! I have a homework question I’m not sure how to calculate. Below is the information and my question in bold.
Glass Company makes glass orders based on the customer specifications, so the company uses job costing to track costs.
The company uses direct labor hours as the cost driver for manufacturing overhead application.
Manufacturing overhead costs for the year: $600,000
Usage of direct labor hours for the year: 200,000
Beginning Work-in-process, March 1 (Job 57) $108,000
Beginning Finished Goods, March (Job 55) $125,000
Labor Information for March:
Direct labor hours:
Job 57 7,000
Job 58 6,000
Job 59 4,000
Direct labor wages $408,000
Indirect labor wages $30,000
Supervisory salaries $12,000
Material Information for March:
Raw Materials, Inventory, March 1 $21,000
Purchase or raw material $210,000
Direct material requisitioned:
Job 57 $90,000
Job 58 $75,000
Job 59 $51,000
Other costs incurred in March:
Factory Utilities $12,000
Sales office Utilities $3,200
Administrative offices Utilities $2,000
Factory equip repair & maint costs $11,200
Depreciation on factory equipment $5,000
Manufacturing supplies purch & used $24,000
During March the following jobs were completed and sold for the following sales price:
Job 57 $400,000
Job 58 $250,000
Determine the ending Work-In-Process Inventory at the end of March and provide the number of the Job(s) still in Work-in-Process at the end of March and the determine total cost of ending work in process for March.