Question
On September 1, two jobs were in process at Petes Patios. Details of the jobs follow: Job Number Direct Materials Direct Labor PP-24 $ 1,048
On September 1, two jobs were in process at Petes Patios. Details of the jobs follow:
Job Number | Direct Materials | Direct Labor | ||||
PP-24 | $ | 1,048 | $ | 432 | ||
PP-30 | 590 | 1,630 | ||||
|
Materials Inventory on September 1 totaled $5,530, and $712 worth of materials was purchased during the month. Indirect materials of $101 were withdrawn from materials inventory. On September 1, finished goods inventory consisted of two jobs, PP-12, costing $2,380, and PP-14, with a cost of $908. 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 $1,350 in direct labor. The completion costs for Job PP-30 included $632 in direct materials and $4,300 in direct labor.
Petes Patios used a total of $1,836 of direct materials (excluding the $101 indirect materials) during the period, and total direct labor costs during the month amounted to $8,240. 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 complete Jobs PP-24 and PP-30 and the balances in the September 30 inventory accounts.
Required:
Compute the costs to complete 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 Material Inventory as of September 30?
Balance of Work-In-rogress as of September 30?
Balance of Finished Goods Inventory as of Septmeber 30?
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