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 270 250 330 Units sold 250 Materials requisitioned $1,620 $1,300 $3,729 Direct labor hours 297 275 528 Direct labor cost $2,970 $3,575 $4,224 Overhead is assigned on the basis of direct labor hours at a rate of $7 60 per direct labor hour During March, Jobs 78 and 79 were completed and transferred to 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 Round your answer to the nearest cent $ 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 Round your answers to the nearest cent Completion of Jobs 78 79 Sale of Job 79 (cost) Sale of Job 79 (sale) Options for problem 3 Completion of Jobs and Sale of Job 79 Accounts Receivable Cash Cost of Goods Sold Finished Goods Sales Revenue Work in Process Options for Sale of Job 79 Accounts Receivable or Cash Cost of Goods Sold Finished Goods Sales Revenue Work in Process 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 270 250 330 Units sold 250 Materials requisitioned $1,620 $1,300 $3,729 Direct labor hours 297 275 528 Direct labor cost $2,970 $3,575 $4,224 Overhead is assigned on the basis of direct labor hours at a rate of $7 60 per direct labor hour During March, Jobs 78 and 79 were completed and transferred to 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 per unit Job 78 Job 79 $0 $ 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 78 and 79 and the sale of Job 79 The selling price is 140 percent of cost Round your answers to the nearest cent Completion of Jobs 78 79 Sale of Job 79 (cost) Sale of Job 79 (sale)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 16, 2024

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 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	270	250	330
Units sold		250
Materials requisitioned	$1,620	$1,300	$3,729
Direct labor hours	297	275	528
Direct labor cost	$2,970	$3,575	$4,224

Overhead is assigned on the basis of direct labor hours at a rate of $7.60 per direct labor hour. During March, Jobs 78 and 79 were completed and transferred to 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. Round your answer to the nearest cent.

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. Round your answers to the nearest cent.

Completion of Jobs 78 & 79

Sale of Job 79 (cost)

Sale of Job 79 (sale)

Options for problem 3: Completion of Jobs and Sale of Job 79

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

Options for Sale of Job 79 image text in transcribed

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

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 270 250 330 Units sold 250 Materials requisitioned $1,620 $1,300 $3,729 Direct labor hours 297 275 528 Direct labor cost $2,970 $3,575 $4,224 Overhead is assigned on the basis of direct labor hours at a rate of $7.60 per direct labor hour. During March, Jobs 78 and 79 were completed and transferred to 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. per unit Job 78 Job 79 $0 $ 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 78 and 79 and the sale of Job 79. The selling price is 140 percent of cost. Round your answers to the nearest cent. Completion of Jobs 78 & 79 Sale of Job 79 (cost) Sale of Job 79 (sale)