Business, 28.07.2020 20:01 Onlytrillest

Rockville, Inc. which uses a job costing system, began business on January 1, 20X3 and applies to manufacture overhead on the basis of direct labor cost. The following information relates to 20X3: Budgeted direct labor and manufacturing overhead were anticipated to be $200,000 and $250,000, respectively. Jobs number #1, #2, and #3 were begun during the year and had the following charges for direct material and direct labor: Job number DM DL
#1 $145,000 $35,000
#2 320,000 65,000
#3 55,000 80,000
Job #1 and #2 were completed and sold on account to customers at a profit of 60% of the cost. Job #3 remained in production. The actual manufacturing overhead by year-end totaled $233,000. Rockville adjusts all under- and overapplied to the cost of goods sold.
Required:
Compute Rockville's ending WIP inventory
Compute Rockville's COG Manufactured
Compute Rockville's income statement.

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Rockville, Inc. which uses a job costing system, began business on January 1, 20X3 and applies to ma...

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