(APPENDIX 16A) UNIT COST, ENDING WORK IN PROCESS, JOURNAL ENTRIES During August, Pamell Inc. worked on two jobs. Data relating to these two jobs follow:

Job 64 Job 65 Units in each order 50 100 Units sold 50 —

Materials requisitioned $1,240 $985 Direct labor hours 410 583 Direct labor cost $6,150 $8,745 Overhead is assigned on the basis of direct labor hours at a rate of $12. During August, Job 64 was completed and transferred to Finished Goods. Job 65 was the only unfinished job at the end of the month.

Required:

. Calculate the per-unit cost of Job 64.

. Compute the ending balance in the work-in-process account.

. Prepare the journal entries reflecting the completion and sale on account of Job 64.

The selling price is 160 percent of cost.

Problem