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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 110 160 290
Units sold 160
Materials requisitioned $770 $720 $3,161
Direct labor hours 121 176 493
Direct labor cost $1,573 $2,816 $4,141

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.

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.

$____

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3. Prepare the journal entries reflecting the completion of Jobs 78 and 79 and the sale of Job 79. The selling price is 120 percent of cost. Round your answers to the nearest cent.

Completion of Jobs 78 & 79 Finished Goods ___
Work in Process ____
Sale of Job 79 (cost) Cost of Goods Sold ____
Finished Goods _____
Sale of Job 79 (sale) Accounts Receivable or Cash ____
Sales Revenue ____

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