Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On September 1, two jobs were in process at Pete's Patios. Details of the jobs follow Direct Direct Labor Job Number Materials $1,040 $ 430
On September 1, two jobs were in process at Pete's Patios. Details of the jobs follow Direct Direct Labor Job Number Materials $1,040 $ 430 PP-24 670 PP-30 1,600 Materials Inventory on September 1 totaled $5,490, and $678 worth of materials was purchased during the month. Indirect materials of $90 were withdrawn from materials inventory. On September 1, finished goods inventory consisted of two jobs, PP-12, costing $2,304 and PP-14, with a cost of $980. Costs for both jobs were transferred to Cost of Services Billed during the month. Also during September, Jobs PP-24 and PP-30 were completed. Completing Job PP-24 required an additional $1,290 in direct labor The completion costs for Job PP-30 included $686 in direct materials and $3,700 in direct labor. Pete's Patios used a total of $1,846 of direct materials (excluding the $90 indirect materials) during the period, and total direct labor costs during the month amounted to $8,150. Overhead has been estimated at 50 percent of direct labor costs, and this relation has been the same for the past few years. Required: Compute the costs to Jobs PP-24 and PP-30 and the balances in the September 30 inventory accounts. Cost to complete PP-24 Cost to complete PP-30 Balance of Materials Inventory as of September 30 Balance of Work-in-Process as of September 30 Balance of Finished Goods Inventory as of September 30
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started