Cambridge Manufacturing Inc. uses the job order cost system of accounting. The following information was taken from
Question:
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 of40%.
Transcribed Image Text:
Jobs Direct Materials Direct Labor Factory Units Completed Cost $3,600 2,380 1,800 Cost $4,000 2,500 1,700 Overhead Completed 1040 1065 1120 $1,600 1,000 680 400 240 200
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a Work in ProcessJobs1040 1065 1120 7780 Materials 7780 Work in ProcessJobs 104...View the full answer
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