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What are the cost of work in process on december

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Reference no: EM132548494

Product costing Inc. is employing normal costing for its job orders. The overhead is applied using an overhead rate application. The following information relates to LMS Inc. for the year ended December 31, 2020

                                                                   JOB                             JOB                       JOB

                                                                     Actual                       Normal              Standard

Job in process, January 1, 2020

Direct Materials                                    40,000                      30,000               0

Direct Labor                                         60,000                      40,000               0

Factory Overhead                                  30,000                        20,000            0

Cost Added during 2020

Direct Materials                                       20,000                       10,000          100,000

Direct Labor                                           100,000                        200,000       400,000

Factory Overhead                                            ?                                ?               ?

Additional information:

Actual overhead for the year 2020 amounted to 350,000

Jobs Actual and Normal were completed and transferred to finished goods during the year 2020

Jobs actual was sold during year 2020

The gross profit rate is 20% based on cost

Required:

Question 1: Provided the relevant journal entries for year 2020

Question 2: What is the total manufacturing cost for 2020?

Question 3: What is the cost of goods manufactured for 2020?

Question 4: What is the cost of goods sold for 2020?

Question 5: What is the gross profit for 2020?

Question 6: What are the cost of work in process on December 31, 2020 and the cost of finished goods on December 31, 2020, respectively?

Reference no: EM132548494

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