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    Oct 29, 2010, 04:25 PM
    Job-order cost system
    The following information applies to Job 730 completed by Ritter Manufacturing Company during October 2005. The amount of labor cost for the job was $67,350. Applied overhead amounted to $96,000. The project was completed and delivered to Lancer Company at a contract price of $285,000. Ritter recognized a gross profit of $51,000 on the project.

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    Determine the amount of raw materials used to complete Job 730.
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    Oct 29, 2010, 04:31 PM
    Job 730 - Ritter Manufacturing Company, October 2005

    Labor cost $67,350
    Overhead $96,000
    Contract Price $285,000
    Gross Profit $51,000

    285000-51000=234000
    234000-67350-96000=70650

    The amount of raw materials it took to complete Job 730 is $70,650.
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