Computations using a job order system General Corporation employs a job order cost system. On May 1, the following balances were extracted from the general ledger: Work in process

Computations using a job order system General Corporation employs a job order cost system. On May 1, the following balances were extracted from the general ledger: Work in process $ 39,700 Finished goods 86,900 Cost of goods sold 128,700 Work in Process consisted of two jobs, No. 101 ($20,700) and No. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500. These figures are subdivided as follows: Direct Materials Direct Labor Job No. Amount Job No. Amount 101 $5,000 101 $7,800 115 $19,500 103 $20,800 116 $36,200 115 $42,000 Other $35,800 116 $18,000 _______ $96,500 Other $25,900 _______ $114,500 Job No. 115 was the only job in process at the end of the month. Job No. 101 and three “other” jobs were sold during May at a profit of 20% of cost. The “other” jobs contained material and labor charges of $21,000 and $17,400, respectively. General applies overhead daily at the rate of 150% of direct labor cost as labor summaries are posted to job orders. The firm’s fiscal year ends on May 31. Instructions 1 Compute the total overhead applied to production during May. 2 Compute the cost of the ending work in process inventory. 3 Compute the cost of jobs completed during May. 4 Compute the cost of goods sold for the year ended May 31.

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