Leen Production Co. uses the job order cost system of accounting. The following information was taken from
Question:
Leen Production Co. 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:
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a. Compute the total production cost of each job.
b. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods.
c. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%.
d. Prepare the journal entries to record the sale of Job 1065.
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Step by Step Answer:
a b Finished Goods 19260 Work in Process x Jobs1040 1065 1120 19260 c Selling Price Job 1040 9...View the full answer
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Related Book For 
Principles of Cost Accounting
ISBN: 978-1305087408
17th edition
Authors: Edward J. Vanderbeck, Maria Mitchell
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