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2      Computations using a job order system
2      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;
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
Work in process       
$ 35,200
Finished goods                     86,900
Finished goods                     
86,900
Cost of goods sold   128,700
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:
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
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
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
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

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
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
Direct Materials Direct Labor
Direct Materials
Direct Materials
Direct Materials

Direct Labor
Direct Labor
Direct Labor
Job No. Amount Job No. Amount
Job No.
Job No.
Job No.

Amount
Amount
Amount

Job No.
Job No.
Job No.

Amount
Amount
Amount
101 $5,000 101 $7,800
101
101
101

$5,000
$5,000
$5,000

101
101
101

$7,800
$7,800
$7,800
115 19,500 103 20,800
115
115
115

19,500
19,500
19,500

103
103
103

20,800
20,800
20,800
116 36,200 115 42,000
116
116
116

36,200
36,200
36,200

115
115
115

42,000
42,000
42,000
Other 35,800 116 18,000
Other
Other
Other

35,800
35,800
35,800

116
116
116

18,000
18,000
18,000
$96,500 Other 25,900

$96,500
$96,500
$96,500

Other
Other
Other

25,900
25,900
25,900
$114,500

$114,500
$114,500
$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.
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.
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:
Instructions:
a.      Compute the total overhead applied to production during May.
a.      Compute the total overhead applied to production during May.
b.      Compute the cost of the ending work in process inventory.
b.      Compute the cost of the ending work in process inventory.
c.       Compute the cost of jobs completed during May.
c.       Compute the cost of jobs completed during May.
d.      Compute the cost of goods sold for the year ended May 31.
d.      Compute the cost of goods sold for the year ended May 31.

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