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Hello, can someone help me with this problem. ASAP!!! Job Costs, Ending Work in Process During March, Estes Company worked on three jobs. Data relating
Hello, can someone help me with this problem. ASAP!!!
Job Costs, Ending Work in Process During March, Estes Company worked on three jobs. Data relating to these three jobs follow: Job 86 Job 87 Job 88 130 230 300 230 Units in each order Units sold Materials requisitioned Direct labor hours Direct labor cost $988 $3,000 $1,081 253 143 510 $1,716 $4,048 $4,998 Finished Goods Inventory. Job 87 was sold by the end Overhead assigned on the basis of direct labor hours at a rate of $8.10 per direct labor hour. During March, Jobs 86 and 87 were completed and transferred 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 29.71 per unit Job 87 31.21 per unit 2. Compute the ending balance in the work-in-process inventory account. Round your answer to the nearest cent. 12,639 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 Finished Goods 11,040 X Work in Process 11,040 x Cost of Goods Sold Sale of Job 87 (cost) 7,178 x Finished Goods 7,178 X Accounts Receivable or Cash Sale of Job 87 (sale) 7,896 X Sales Revenue 7,896 XStep by Step Solution
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