Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Rosie designs jewelry for various clients along Bloor Street. On December 1, Jab 10 was in process with costs to date of $15,000. During

image text in transcribed

Rosie designs jewelry for various clients along Bloor Street. On December 1, Jab 10 was in process with costs to date of $15,000. During December Jobs 11, 12, and 13 were started. Data on costs added during December for all jobs are as follows: Job 10 Job 11 Job 12 Job 13 Uract mal Satance December 15,000 S $12,500 $5,000 $2,500 $5,200 $ 16.000 $ 9.800 $4,200 $8,900 Ject bour Overhead is applied at the rate of 90% of direct labour costs. Jobs are sold at cost plus 45%. Job 11 was completed and sold on December 30. All other jobs are still in process. Use the above information to answer the following questions. What is the total cost of Job 10 on December 31? HINT: remember to include all the manufacturing costs! What is the total cost of Job 11 on December 30, when it was completed and sold? HINT: remember to include all the manufacturing costs! What is the total cost of Job 12 on December 31? HINT: remember to include all the manufacturing costs! What is the total cost of Job 13 on December 31? HINT: remember to include all the manufacturing costs! What is the balance in the Work in Process account at December 31? Remember, Jol 11 was sold on December 30! What is the price that was charged to the customer for Job 11?

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

Accounting What the Numbers Mean

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele

10th edition

9780077515904, 007802529X, 77515900, 978-0078025297

More Books

Students also viewed these Accounting questions