Chung Corporation Uses a Job Order Costing System Part 1-Complete the Job Cost Sheets for Each Job

Essay

Chung Corporation uses a job order costing system. Five jobs were worked on during the current year. The predetermined overhead rate is 20% of direct labor costs. The following cost information is available (all materials and time ticket information applies to direct costs):
$$\begin{array} { l | l | l } \text { Job } & \text { Materials Requistions } & \text { Time Tickets } \\\hline 101 & \$ 66,000 & \$ 32,000 \\\hline 102 & \$ 63,000 & \$ 74,000 \\\hline 103 & \$ 39,000 & \$ 50,000 \\\hline 104 & \$ 32,000 & \$ 36,000 \\\hline 105 & \$ 53,000 & \$ 68,000\end{array}$$ Part 1-Complete the job cost sheets for each job.
$$\begin{array} { l | l | l | l | l | l } \text { Job No. 101 } & & \text { Job No. 102 } & & \text { Job No. 103 } & \\\hline \text { Materials } & & \text { Materials } & & \text { Materials } & \\\hline \text { Labor } & & \text { Labor } & & \text { Labor } & \\\hline \text { Overhead } & & \text { Overhead } & & \text { Overhead } & \\\hline \text { Total Cost } & & \text { Total Cost } & & \text { Total Cost } & \\\hline \text { Status } & \text { In Process } & \text { Status } & \text { Sold } & \text { Status } & \text { Finithed }\end{array}$$ $$\begin{array} { l | l | l | l } \hline \text { Job No. 104 } & & \text { Job No. 105 } & \\\hline \text { Materials } & & \text { Materials } & \\\hline \text { Labor } & & \text { Labor } & \\\hline \text { Overhead } & & \text { Overhead } & \\\hline \text { Total Cost } & & \text { Total Cost } & \\\hline \text { Status } & \text { Sold } & \text { Status } & \text { Firished }\end{array}$$ Part 2-Identify the amounts of each of the following accounts at the end of the period
a. Work in Process________
b. Finished Goods________
c. Cost of Goods Sold________