Journal entries for job order costing; total and unit cost computation Cambridge Manufa...

Journal entries for job order costing; total and unit cost computation

Cambridge Manufacturing Inc. uses the job order cost system of accounting. The following information was taken from the company’s books after all posting had been completed at the end of May:

a. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process.

b. Compute the total production cost of each job.

c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods.

d. Compute the unit cost of each job.

e. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%.