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Compute cost of work in process and cost of jobs completed

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Job Materials Direct Labor
789 2,000 6,000
790 9000 10000
791 14000 8000

Uses job costing system. #789 was the only job in process Jan 1 with costs of 22,500. Direct matls and labor above
#791 was the only job in production as of Jan 31

Question: Compute cost of work in process as of Jan 31
Compute cost of jobs completed during Jan
Company sells all completed jobs, adding 40% markup to cost. how much should firm report as sales rev?

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Solution Summary

The solution computes cost of work in process and cost of jobs completed.

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Cost of Work in progress (Job 791) = 14000 + 8000 = 22,000

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