AbC Company is a Contracting Company that builds custom- made boats. It received from MVB an...
- AbC Company is a Contracting Company that builds custom- made boats. It received from MVB an order to build 5 custom-made boats. The boats are to be delivered in 6 months with the first two to be delivered in the next two months. The following costs are incurred for the two boats to be delivered in two months:
Direct Materials $ 80,000
Direct Labor $120,000
Manufacturing Overhead is applied at 150% of Direct Labor.
Required:
- How Much is the Total Cost to produce the two jobs? Show computation.
- How much is the Cost for each Job completed?
III. The two Jobs are sold to MVB at 5 times of the cost. Give the journal entries to record the sale which was for Cash.
Homework Answers
1) Total Cost to produce the two Jobs
| Direct material | 80000 |
| Direct labor | 120000 |
| Manufacturing overhead (120000*1.5) | 180000 |
| Total cost | 380000 |
2) Cost for each Job completed = 380000/2 = 190000
3) Journal entry
| No | General Journal | Debit | Credit |
| Cash (380000*5) | 1900000 | ||
| Sales revenue | 1900000 | ||
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