Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress Wildhorse Ltd. is in the business of manufacturing cabinets, computer stands, and countertops. Most of its jobs are contracts for

image text in transcribed

Current Attempt in Progress Wildhorse Ltd. is in the business of manufacturing cabinets, computer stands, and countertops. Most of its jobs are contracts for home builders. The following information is available for the month of July: Costs Incurred to July 1 Added in July Job Number Direct Direct Direct Direct Materials Labour Materials Labour 101 $9,990 $2,220 $0 $1,110 103 2,775 1,665 ? ? 111 666 120 555 3,330 Status at July 31 Completed but not sold Not completed Completed but not sold 115 888 215 Not completed Activity in accounts: Opening Account Direct Materials Balance July 1 $3,330 Purchased in July $6,660 Direct Labour Issued/Used in July $5,439 8,880 Ending Balance July 31 $? On July 1, finished goods inventory consisted of one job, 105, with a total cost of $19,980. This job was sold during July. (Note: Manufacturing overhead is applied at 120% of the direct labour cost.) (a) Your answer is incorrect. Calculate the costs of completed jobs 101 and 111 as at July 31. Job 101 Job 111 Completed job costs $ 13320 $ eTextbook and Media Save for Later Last saved 1 hour ago. Attempts: 1 of 2 used Submit Answer

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting Traditions and Innovations

Authors: Barfield Jesse, Raiborn Cecily, Kinney Michael

4th edition

324026455, 978-0324026450

More Books

Students also viewed these Accounting questions

Question

What opportunities exist for raises and advancement?

Answered: 1 week ago