II. ABC Manufacturing Corporation uses job order costing for its products. The following is a summary of the postings made to its cost sheets for November 2023:
Job 21
In Process, November 2
Direct Materials: 8,000
Direct Labor: 4,000
Factory Overhead (FOH): 2,000
Job 22
In Process, November 2
Direct Materials: 6,000
Direct Labor: 2,500
Factory Overhead (FOH): 1,250
Job 23
Direct Materials: 9,000
Direct Labor: 3,000
Factory Overhead (FOH): 1,500
Job 24
Direct Materials: 7,000
Direct Labor: 4,000
Factory Overhead (FOH): 2,000
Job 25
Direct Materials: 5,000
Direct Labor: 2,000
Factory Overhead (FOH): 1,000
Finished Goods, November 2
Factory Costs, November
Direct Materials: 10,000, 7,000, 5,000, 3,000
Direct Labor: 5,000, 4,000, 2,000, 1,000
Factory Overhead (FOH): 2,500, 2,000, 1,000
Jobs 22, 23, and 24 were finished during the month. Factory overhead is 50% of labor cost. (Please put the letter of the correct answer in the space provided for each number)
1. Factory costs for the month must amount to:
a. 43,000
b. 66,250
c. 37,000
d. answer not given
2. Cost of goods manufactured for the month must be:
a. 75,750
b. 62,250
c. 38,500
d. answer not given
3. Inventory of work in process must be:
a. 4,000
b. 4,500
c. 12,000
d. answer not given