Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Feldspar Company uses an ABC system to apply overhead. There are three activity water Setting up $25 per setup Machining $5.10 per machine hour Other

image text in transcribed

image text in transcribed

Feldspar Company uses an ABC system to apply overhead. There are three activity water Setting up $25 per setup Machining $5.10 per machine hour Other overhead 70% of direct labor cost During September Feldspar worked on three jobs. Data relating to these jobs followi Job 13-280 Job 13-281 Job 13-282 200 510 100 Units in each order Units sold 300 100 Materials requisitioned $4.750 $3.000 $5,800 Direct labor $2,000 54,600 5800 Machine Mous 30 100 40 Number of setup 15 25 During September Jobs 1-280 and 13-282 were completed and transferred to Finished Goods iventory. Job 13:280 was sold by the end of the month Job 13-285 vis the only unfinished ob at the end of the month. Required: 1. Calculate the per-unit cost of os 13-280 and 13-282. Round unit cost to narest.com Job 13-20 perun Job 13-252 2. Compute the ending balance in the work in process inventory 2. Compute the ending balance in the work in process inventory account. 3. Prepare the journal entries reflecting (a) the completion of Jobs 13-280 and 13-282 and (b) the sale of Job 13-280 on account. Malce the entry to record the cost of Job 13-280 first, followed by the entry to record the revenue from its sale. The selling price is 150 percent of cost. a. b (1) b (2)

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

Financial And Managerial Accounting For Decision Makers

Authors: Michelle Hanlon, Robert Magee, Glenn Pfeiffer, Thomas Dyckman

4th Edition

1618533614, 9781618533616

More Books

Students also viewed these Accounting questions