Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 13.00

Molson Company

JOB COSTS, ENDING WORK IN PROCESS During March, Molson Company worked on three jobs. Data relating to these three jobs follow:

Job 62

Job 63

Job 64

Units in each order

110

200

165

Units sold

—

200

—

Materials requisitioned

$560

$740

$1,600

Direct labor hours

260

300

500

Direct labor cost

$3,120

$3,600

$6,000

Overhead is assigned on the basis of direct labor hours at a rate of $7 per direct labor hour. During March, Jobs 62 and 63 were completed and transferred to finished goods inventory. Job 63 was sold by the end of the month. Job 64 was the only unfinished job at the end of the month.

Required:

1. Calculate the per-unit cost of Jobs 62 and 63.

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

3. Prepare the journal entries reflecting the completion of Jobs 62 and 63 and the sale of Job 63. The selling price is 140 percent of cost.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 09:07 PM My Price 13.00

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