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Question - Flowers R Us is a local company who grows flowers in greenhouses for the local retail market. It is very successful so it typically has orders the previous year for its flowers and it grows the flowers in the winter in batches according to the job orders. On March 1, Job 2022-51 was in process with a cost of $2,052 to date. During March; Jobs 2022-52, 2022-53, and 2022-54 were started. Data on the costs added during March for all of the jobs are as follows.
2022-51
2022-52
2022-53
2022-54
Direct materials
1,396
700
35
480
Direct labour
1,380
1,000
150
400
Overhead is applied at the rate of 50% of direct labour cost. Job 2022-51 was completed and shipped in March and the client was billed at cost plus 25%. Job 2022-52 was completed, but unsold in March and the remaining jobs remained in process.
Required - Create a job order cost sheet for all of the jobs for the month of March.
Calculate the balances in Work-in-Process, Finished Goods, and Cost of Goods Sold for March.
Calculate the price of Job 2022-51.
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