Dropdown menu for #3, "Completion of Jobs 86 & 87" and, "Sale of Job 87 (cost)".

Dropdown menu for #3 Sale of Job 87 (sale)

During March, Estes Company worked on three jobs. Data relating to these three jobs follow: Job 86 Job 87 Job 88 Units in each order 200 230 320 Units sold 230 $1,360 $3,424 Materials requisitioned Direct labor hours $1,334 253 220 512 Direct labor cost $2,860 $3,289 $4,710 Overhead is assigned on the basis of direct labor hours at a rate of $7.50 per direct labor hour. During March, Jobs 86 and 87 were completed and transferred to Finished Goods Inventory. Job 87 was sold by the end of the month. Job 88 was the only unfinished job at the end of the month. Required: 1. Calculate the per-unit cost of Jobs 86 and 87. Round your answers to the nearest cent. Job 86 per unit Job 87 $ per unit 2. Compute the ending balance in the work-in-process inventory account. Round your answer to the nearest cent. 3. Prepare the journal entries reflecting the completion of Jobs 86 and|87 and the sale of Job 87. The selling price is 110 percent of cost. Round your answers to the nearest cent. Completion of Jobs 86 & 87 Sale of Job 87 (cost) Sale of Job 87 (sale) Accounts Receivable Cash Cost of Goods Sold Finished Goods Sales Revenue Work in Process Accounts Receivable or Cash Cost of Goods Sold Finished Goods Sales Revenue Work in Process