Question

Weygandt, Accounting Principles, 12e Help I System Announcements Exercise 171 (Part Level Submission) A job cost sheet of Fugate Company is given below Job Cost Sheet JOB NO. 172 Quantity 1,500 Date Completed 5/31 Manufacturing Overhead FOR James Company DirectDirect MaterialsLabor Date 5/10 12 15 1,330 1,120 550 480 825 720 1,000 24 27 31 1,870 670 1,005 Cost of completed job: Direct materials Direct labor Manufacturing Overhead Total cost Unit cost Answer the following questions search si e

Answer 1

date	direct material	Direct Labour	Manufacturing Overhead
5/10	1,330
12	1,120
15		550	825
22		480	720
24	1,000
27	1,870
31		670	1,005
Total	5,320	1,700	2,550
Cost of Completed job :
	Direct material		5,320
	Direct Labour		1,700
	Manufacturing Overhead		2,550
Total Cost			9,570
Unit Cost = Total Cost / no. of units
= 9570/1500			6.38

When a job is completed, Finished goods inventory account is debited with correspondent credit of Work in progress account.

Journal entry will be as follows;

Date	Account title and explanation		Debit	Credit
may.31	Finished goods inventory account		9,570
	To Work in Process inventory account			9,570