GHI Inc. has commenced work on three jobs during its first year of operations. Costs incurred for each of these jobs are as follows
GHI Inc. has commenced work on three jobs during its first year of operations. Costs incurred for each of these jobs are as follows:
| Job 1 | Job 2 | Job 3 | |
| Direct Materials | $150,000 | $350,000 | $200,000 |
| Direct Labour | $250,000 | $250,000 | $250,000 |
Overhead is applied to jobs at a rate of $0.80 per direct labour dollar spent. During the year, Job 1 was completed, while Job 2 was completed and sold. Job 3 is still process at the end of the year. GHI's Applied Overhead was for the year was:
Homework Answers
Finished Goods at the year-end of Year was: $600000- Cst incurred on Job-1, which was completed.
| Job-1 | |
| Direct Materials | $150,000 |
| Direct Labour | $250,000 |
| Overhead Applied | $200,000 |
| Total Cost | $600,000 |
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GHI Inc. has commenced work on three jobs during its first year of operations. Costs incurred for each of these jobs are as follows
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