Question
Roberts Company produces pipes for concert-quality organs. Each job is unique. In April 2019 2019, it completed all outstanding orders, and then, in May 2019
Roberts Company produces pipes for concert-quality organs. Each job is unique. In April
2019
2019, it completed all outstanding orders, and then, in May
2019
2019, it worked on only two jobs, M1 and M2:
| Robert Company, May 2019 | Job M1 | Job M2 |
| Direct materials | $ 79,000 | $ 58,000 |
| Direct manufacturing labor | 273,000 | 208,000 |
Direct manufacturing labor is paid at the rate of
$ 26
$26 per hour. Manufacturing overhead costs are allocated at a budgeted rate of
$ 16
$16 per direct manufacturing labor-hour. Only Job M1 was completed in May.
Read the Requirements.
| 1 | Calculate the total cost for Job M1. |
| 2 | 1 comma 000 1,000 pipes were produced for Job M1. Calculate the cost per pipe. |
| 3 | Prepare the journal entry transferring Job M1 to finished goods. |
| 4 | What is the ending balance in the Work-in-Process Control account? |
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Financial Accounting
Authors: Libby, Short
6th Edition
978-0071284714, 9780077300333, 71284710, 77300335, 978-0073526881
