Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On September 1, twojobs were in process at Pete's Patios. Details of the jobs follow: Job Number Direct Materials Direct Labor PP-24 $ 972 $

image text in transcribedimage text in transcribed
On September 1, twojobs were in process at Pete's Patios. Details of the jobs follow: Job Number Direct Materials Direct Labor PP-24 $ 972 $ 348 PP-30 670 1,770 ' Materials Inventory on September 1 totaled $5,510, and $670 worth of materials was purchased during the month. Indirect materials of $94 were withdrawn from materials inventory. On September 1, nished goods inventory consisted of twojobs, PP-12, costing $2,254, and PP-14, with a cost of $978. 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 $1,330 in direct labor. The completion costs for Job PP-30 included $666 in direct materials and $4,300 in direct labor. Pete's Patios used a total of $1,816 of direct materials (excluding the $94 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 PP3O and the balances in the September 30 inventory accounts. Cost to complete PP-24 $ 1,995 Cost to complete PP-30 $ 7,116 Balance of Material Inventory as of September 30 $ 4,270 Balance of Work-in-Process as of September 30 Balance of Finished Goods Inventory as of September 30 On September 1, two jobs were in process at Pete's Patios. Details of the jobs follow: Job Number Direct Materials Direct Labor PP24 $ 964 $ 396 PP-30 595 1,620 Materials Inventory on September 1 totaled $5,560, and $690 worth of materials was purchased during the month. Indirect materials of $93 were withdrawn from materials inventory. On September 1, nished goods inventory consisted of two jobs, PP12, costing $2,440, and PP-14, with a cost of $926. 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 $1,390 in direct labor. The completion costs for Job PP-30 included $626 in direct materials and $3,500 in direct labor. Pete's Patios used a total of $1 ,886 of direct materials (excluding the $93 indirect materials) during the period, and total direct labor costs during the month amounted to $8,210. 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 PP30 and the balances in the September 30 inventory accounts. loost to complete PP-24 I Cost to complete PP-30 lBaIanoe of Material Inventory as of September 30 iBalanoe of Work-in-Prooess as of September 30 ' i Balance of Finished Goods Inventory as of September 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Canadian Cases In Financial Accounting

Authors: Carol E. Dilworth, Joan E. D. Conrod

2nd Edition

256111405, 978-0256111408

More Books

Students also viewed these Accounting questions

Question

Explain why elasticity of demand is measured in percentages.

Answered: 1 week ago