Job Costs, Ending Work in Process During March, Estes Company worked on three jobs. Data...
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Accounting
Job Costs, Ending Work in Process
During March, Estes Company worked on three jobs. Data relating to these three jobs follow:
Job 86
Job 87
Job 88
Units in each order
250
210
270
Units sold
210
Materials requisitioned
$1,600
$1,218
$3,024
Direct labor hours
275
231
513
Direct labor cost
$4,125
$3,465
$4,207
Overhead is assigned on the basis of direct labor hours at a rate of $9.60 per direct labor hour. During March, Jobs 86 and 87 were completed and transferred to Finished Goods Inventory. Job 87 was sold by the end of the month. Job 88 was the only unfinished job at the end of the month.
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1. Calculate the per-unit cost of Jobs 86 and 87. Round your answers to the nearest cent.
Job 86
$fill in the blank 121449fa0036039_1 per unit
Job 87
$fill in the blank 121449fa0036039_2 per unit
2. Compute the ending balance in the work-in-process inventory account. Round your answer to the nearest cent.
$fill in the blank 121449fa0036039_3
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3. Prepare the journal entries reflecting the completion of Jobs 86 and 87 and the sale of Job 87. The selling price is 110 percent of cost. Round your answers to the nearest cent.
Completion of Jobs 86 & 87
Accounts ReceivableCashCost of Goods SoldFinished GoodsSales RevenueWork in ProcessFinished Goods
Finished Goods
Accounts ReceivableCashCost of Goods SoldFinished GoodsSales RevenueWork in ProcessWork in Process
Work in Process
Sale of Job 87 (cost)
Accounts ReceivableCashCost of Goods SoldFinished GoodsSales RevenueWork in ProcessCost of Goods Sold
Cost of Goods Sold
Accounts ReceivableCashCost of Goods SoldFinished GoodsSales RevenueWork in ProcessFinished Goods
Finished Goods
Sale of Job 87 (sale)
Accounts Receivable or CashCost of Goods SoldFinished GoodsSales RevenueWork in ProcessAccounts Receivable or Cash
Accounts Receivable or Cash
Accounts Receivable or CashCost of Goods SoldFinished GoodsSales RevenueWork in ProcessSales Revenue
Sales Revenue
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