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Category > Accounting Posted 19 Aug 2017 My Price 8.00

Leming Inc

Problem 5-52    (Appendix 5A) Unit Cost, Ending Work in Process, Journal   Entries

During August, Leming Inc. worked on two jobs. Data relating to these two jobs  follow:

 

 

Job 64

Job 65

Units in each order

50

80

Units sold

50

—

Materials requisitioned

$3,560

$785

Direct labor hours

410

583

Direct labor cost

$6,720

$9,328

Overhead is assigned on the basis of direct labor hours at a rate of $11. During August, Job 64 was completed and transferred to Finished Goods. Job 65 was the only unfinished job at the end of the month.

 

 

 

 

Required:

1.       Calculate the per-unit cost of Job 64.

2.       Compute the ending balance in the work-in-process account.

3.       Prepare the journal entries reflecting the completion and sale on account of Job 64. The sell- ing price is 175% of cost. (Note: Round all journal entry amounts to the nearest dollar.)

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 02:08 PM My Price 8.00

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