Job Costs, Ending Work in Process

During March, Aragon Company worked on three jobs. Data relating to these three jobs follow:

Job 78 Job 79 Job 80
Units in each order 200 180 220
Units sold — 180 —
Materials requisitioned $1,560 $990 $2,400
Direct labor hours 220 200 400
Direct labor cost $3,000 $3,000 $3,300

Overhead is assigned on the basis of direct labor hours at a rate of $8.40 per direct labor hour. During March, Jobs 78 and 79 were completed and transferred to the Finished Goods Inventory. Job 79 was sold by the end of the month. Job 80 was the only unfinished job at the end of the month.

Required:

1. Calculate the per-unit cost of Jobs 78 and 79. Round your answers to the nearest cent.

Job 78 $ per unit
Job 79 $ per unit

2. Compute the ending balance in the work-in-process inventory account.
$

3. Prepare the journal entries reflecting the completion of Jobs 78 and 79 and the sale of Job 79. The selling price is 140 percent of cost.

Completion of
Jobs 78 & 79

Accounts Receivable
Cash
Cost of Goods Sold
Finished Goods
Sales Revenue
Work in Process

Accounts Receivable
Cash
Cost of Goods Sold
Finished Goods
Sales Revenue
Work in Process

Sale of
Job 79 (cost)

Accounts Receivable
Cash
Cost of Goods Sold
Finished Goods
Sales Revenue
Work in Process

Accounts Receivable
Cash
Cost of Goods Sold
Finished Goods
Sales Revenue
Work in Process

Sale of
Job 79 (sale)

Accounts Receivable or 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