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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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    https://brainmass.com/business/finance/compute-cost-of-work-in-process-and-cost-of-jobs-completed-289471

    Solution Preview

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

    Cost ...

    Solution Summary

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

    $2.19

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