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 direct labor hour. During March, Jobs 78 and 79 were completed and transferred to Finished Goods Inventory. Job 79 was sold by the end of the month. Job 80 was the only unfinished job at the end of the month. Required: 1. Calculate the per-unit cost of Jobs 78 and 79. Round your answers to the nearest cent. Job 78 per unit Job 79 per unit 2. Compute the ending balance in the work-in-process inventory account.

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 direct labor hour. During March, Jobs 78 and 79 were completed and transferred to Finished Goods Inventory. Job 79 was sold by the end of the month. Job 80 was the only unfinished job at the end of the month. Required: 1. Calculate the per-unit cost of Jobs 78 and 79. Round your answers to the nearest cent. Job 78 per unit Job 79 per unit 2. Compute the ending balance in the work-in-process inventory account.

Name: 3. Prepare the journal entries reflecting the completion of Jobs 78 a
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Description: 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.Completion ofJobs 78 & 79Sale ofJob 79 (cost)Sale ofJob 79 (sale) Job Costs, Ending Work in ProcessDuring Mar

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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