Figure 5-6. Stutz,Inc.designs and builds basketball gymnasiums.Each gymnasium is custom-built to individual customers' specifications.Stutz uses job-order costing to keep track of its costs.In February it worked on three jobs.Data for these jobs are as follows:
Overhead is applied to jobs at the rate of $25 per machine hour.By February 28,Job 178 is the only one unfinished.The balance of Finished Goods on February 1 is $94,000 (consisting of Job 177).Jobs 177 and 179 are sold during February.Stutz sells its product at cost plus 40%.
Refer to Figure 5-6.Calculate the balance in Work-in-Process on February 28.

Question

Figure 5-6. Stutz,Inc.designs and builds basketball gymnasiums.Each gymnasium is custom-built to individual customers' specifications.Stutz uses job-order costing to keep track of its costs.In February it worked on three jobs.Data for these jobs are as follows:
 Overhead is applied to jobs at the rate of $25 per machine hour.By February 28,Job 178 is the only one unfinished.The balance of Finished Goods on February 1 is $94,000 (consisting of Job 177).Jobs 177 and 179 are sold during February.Stutz sells its product at cost plus 40%.
Refer to Figure 5-6.Calculate the balance in Work-in-Process on February 28.

Quizplus · Accepted Answer

The Answer of Figure 5-6. Stutz,Inc.designs and builds basketball gymnasiums.Each gymnasium is custom-built to individual customers' specifications.Stutz uses job-order costing to keep track of its costs.In February it worked on three jobs.Data for these jobs are as follows:
 Overhead is applied to jobs at the rate of $25 per machine hour.By February 28,Job 178 is the only one unfinished.The balance of Finished Goods on February 1 is $94,000 (consisting of Job 177).Jobs 177 and 179 are sold during February.Stutz sells its product at cost plus 40%.
Refer to Figure 5-6.Calculate the balance in Work-in-Process on February 28.