v2.cengagenow.comInbox (229) - ilopezau@my.chemeketa.edu...Google DocsMind Tap - Cengage LearningCengageNOWv2 | Online teaching and learnin...CalculatorE Print ItemeBookShow Me HowJob CostsAt the end of August, Ellis Company had completed Jobs 40 and 42. Job 40 is for 1,000 units, and Job 42 is for 500 units.The following data relate to these two jobs:On August 4, raw materials were requisitioned for production as follows: 300 units for Job 40 at $16 per unit and 1,400 units for Job 42 at $18 per unit.During August, Ellis Company accumulated 700 hours of direct labor costs on Job 40 and 400 hours on Job 42. The total direct labor was incurred at a rate of $12 perdirect labor hour for Job 40 and $10 per direct labor hour for Job 42.The predetermined factory overhead rate is $10.00 per direct labor hour.a. Determine the balance on the job cost sheets for Jobs 40 and 42 at the end of August.Job 40%$4Job 42%24b. Determine the cost per unit for Jobs 40 and 42 at the end of August. If required, round your answers to the nearest cent.Job 40Job 42%24%24%24

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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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XYZ Ltd produce a mini-kitchen called Tiny Tots, which is enjoying extensive popularity amongst young children. The following data is available for the month of March 2018:Selling price (per unit) R 116 Units in opening inventory 600Units manufactured 2 550Units sold 3 050Variable costs per unit:Direct materials R12,00 Direct Labour R50,00Variable manufacturing overhead R6,50Variable selling and administrative R10,00Fixed costs:Fixed manufacturing overhead R81 000Fixed selling and administrative R14 000 The company produces the same number of units every month, although the sales in units vary from month to month. The company’s variable costs per unit and total fixed costs have been constant from month to month.Required:4.1. Prepare an income statement for the month using the variable costing method. (10)4.2. Prepare an income statement for the month using the absorption costing method. (10)
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Handy Crafts manufactures to customers’ specifications. The company uses a job order cost system and, for the month of May 2020, summarized the following information: Beginning WIP (5 partially completed jobs) ₱0,300,000 Orders completed (18) 2,400,000 Orders shipped out (14) 2,000,000 Materials requisitioned 1,700,000 Direct Labor Cost 0,800,000 Overhead 150% of direct labor cost What is the month-end work in process? Show solution Group of answer choices ₱ 0,800,000 ₱ 1,600,000 ₱ 1,400,000 ₱ 0,700,000
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