Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 220 150 290 Units sold — 150 — Materials requisitioned $1,364 $795 $3,422 Direct labor hours 242 165 464 Direct labor cost $2,420 $2,310 $4,454
1. Calculate the per-unit cost of Jobs 78 and 79. Round your answers to the nearest cent.
Job 78 | Job 79 | |
Units in each order | 220 | 150 |
Materials requisitioned | $ 1364 | $795 |
Direct labor cost | $2420 | $2310 |
Overhead applied | $1863.40(242 X $7.70) | $1270.50(165 X $7.70) |
Total Cost | $5647.40 | $4375.50 |
Cost per Unit | $ 25.67 | $ 29.17 |
2. Compute the ending balance in the work-in-process inventory account = unfinished cost of job 80
Job 80 | |
Units in each order | 290 |
Materials requisitioned | $ 3422 |
Direct labor Cost | $4454 |
Overhead applied | $3572.80(464 HoursX $7.70) |
Ending balance of WIP | $11448.80 |
3. Prepare the journal entries reflecting the completion of Jobs 78 and 79 and the sale of Job 79. The selling price is 140 percent of cost. Round your answers to the nearest cent.
Accounts and explantions | Debit$ | Credit$ |
Finished Goods($5647.40+$4375.50) | 10022.90 | |
Work in Process | 10022.90 | |
Completion of Job 78 and 79 | ||
Cost of Goods Sold(150 units X $29.17) | 4375.50 | |
Finished Goods | 4375.50 | |
Sale of job 79(Cost) | ||
Accounts Receivable or Cash($4375.50 X 120%) | 5250.60 | |
Sales Revenue | 5250.60 |
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating...
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 110 160 290 Units sold — 160 — Materials requisitioned $770 $720 $3,161 Direct labor hours 121 176 493 Direct labor cost $1,573 $2,816 $4,141 Overhead is assigned on the basis of direct labor hours at a rate of $7.60 per...
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 270 250 330 Units sold — 250 — Materials requisitioned $1,620 $1,300 $3,729 Direct labor hours 297 275 528 Direct labor cost $2,970 $3,575 $4,224 Overhead is assigned on the basis of direct labor hours at a rate of $7.60 per...
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 260 200 200 Units sold 200 Materials requisitioned $1,664 $1,180 $2,140 Direct labor hours 286 220 360 Direct labor cost $4,290 $3,300 $3,096 Overhead is assigned on the basis of direct labor hours at a rate of $8.30 per direct labor hour. During March, Jobs 78 and 79 were...
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 120 210 230 Units sold — 210 — Materials requisitioned $912 $945 $2,553 Direct labor hours 132 231 391 Direct labor cost $1,584 $3,927 $3,206 Overhead is assigned on the basis of direct labor hours at a rate of $7.50 per direct labor hour. During March, Jobs 78 and...
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 200 180 220 Units sold — 180 — Materials requisitioned $1,560 $990 $2,400 Direct labor hours 220 200 400 Direct labor cost $3,000 $3,000 $3,300 Overhead is assigned on the basis of direct labor hours at a rate of $8.40 per...
Exercise 5.11 (Algorithmic) Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 240 190 290 Units sold — 190 — Materials requisitioned $1,824 $1,064 $3,335 Direct labor hours 264 209 493 Direct labor cost $2,640 $3,344 $4,141 Overhead is assigned on the basis of direct labor hours at a rate of $9.70 per direct labor hour. During March,...
During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 230 210 210 210 Units in each order Units sold Materials requisitioned Direct labor hours $1,029 $2.289 $1,656 253 231 378 Direct labor cost $ 2,783 $3,234 $3,478 Overhead is assigned on the basis of direct labor hours at a rate of $7.30 per direct labor hour. During March, Jobs 78 and 79 were completed and transferred to Finished...
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 120 210 280 Units sold — 210 — Materials requisitioned $816 $1,092 $2,800 Direct labor hours 132 231 476 Direct labor cost $1,980 $3,696 $3,903 Overhead is assigned on the basis of direct labor hours at a rate of $9.20 per direct labor hour. During March, Jobs 78 and...
The total cost for job 78 is 6832.8 for job 79 is 6527.4 for job 80 is 9295. This is what I got for the three jobs. Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 240 260 220 220 Units sold Materials requisitioned Direct labor hours $1,632 264 $1,034 242 $2,782 390 Direct labor cost $3,168 $3,630...
Unit Cost, Ending Work-in-Process Inventory, Journal Entries During August, Skyler Company worked on three jobs. Data relating to these three jobs follow: Job 39 Job 40 Job 41 Units in each order 60 100 80 Units sold — 100 — Materials requisitioned $700 $690 $800 Direct labor hours 360 400 200 Direct labor cost $1,944 $2,440 $1,220 Overhead is assigned on the basis of direct labor hours at a rate of $2.20 per direct labor hour. During August, Jobs 39...