Maurice Tutor

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Category > Management Posted 15 Feb 2018 My Price 8.00

Pamell Inc

Problem 16-52 (APPENDIX 16A) UNIT COST, ENDING WORK IN PROCESS, JOURNAL ENTRIES

 

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

 

Job 64                Job 65

 

 

 

Units in each order

50

100

Units sold

50

—

Materials requisitioned

$1,240

$985

Direct labor hours

410

583

Direct labor cost

$6,150

$8,745

 

Overhead is assigned on the basis of direct labor hours at a rate of $12. During Au- gust, 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 selling price is 160 percent of cost.

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Feb 2018 09:02 PM My Price 8.00

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