Chung Corporation Uses a Job Order Costing System Part 1-Complete 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):


$$\begin{array} { c c c } \text { Job } & \text { Materials Requisitions } & \text { Time Tickets } \\101 & \$ 66,000 & \$ 32,000 \\102 & \$ 63,000 & \$ 74,000 \\103 & \$ 39,000 & \$ 50,000 \\104 & \$ 32,000 & \$ 36,000 \\105 & \$ 53,000 & \$ 68,000\end{array}$$ Part 1-Complete job cost sheets for each job.





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________