Job 78 Job 79 Job 80 Units in each order 180 180 $ 990 200 220 Units sold Materials requisitioned $1,560 220 $2,400 Direct labor hours 200 400 Direct labor cost $3,000 $3,000 $3,300

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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During March, Aragon Company worked on three jobs. Data relating to these three jobs follows:

Over head is assigned on the basis of direct labor hours at a rate of $8.40 per direct labor hour during march, Jobs78 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

2. Compute the ending balance in the work in process inventory account

3. Prepare the journal entries reflecting the completion of jobs 78 and 79 and the sale of job 79 the selling price is 140 oercent of cost

Job 78
Job 79
Job 80
Units in each order
180
180
$ 990
200
220
Units sold
Materials requisitioned
$1,560
220
$2,400
Direct labor hours
200
400
Direct labor cost
$3,000
$3,000
$3,300
Transcribed Image Text:Job 78 Job 79 Job 80 Units in each order 180 180 $ 990 200 220 Units sold Materials requisitioned $1,560 220 $2,400 Direct labor hours 200 400 Direct labor cost $3,000 $3,000 $3,300
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