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Triple C Ltd. is in the business of manufacturing cabinets, computer stands, and countertops. Most of its jobs are contracts for home builders. The following
Triple C Ltd. is in the business of manufacturing cabinets, computer stands, and countertops. Most of its jobs are contracts for home builders. The following information is available for the month of July:
Costs Incurred to July 1 | Added in July | |||||||||
Job Number | Direct Materials | Direct Labour | Direct Materials | Direct Labour | Status at July 31 | |||||
101 | $9,000 | $2,000 | $ 0 | $1,000 | Completed but not sold | |||||
103 | 2,500 | 1,500 | ? | ? | Not completed | |||||
111 | 600 | 100 | 500 | 3,000 | Completed but not sold | |||||
115 | 800 | 200 | Not completed |
Activity in accounts:
Opening Account | Balance July 1 | Purchased in July | Issued/Used in July | Ending Balance July 31 | ||||
Direct Materials | $3,000 | $6,000 | $4,900 | $ ? | ||||
Direct Labour | 8,000 |
On July 1, finished goods inventory consisted of one job, 105, with a total cost of $18,000. This job was sold during July. (Note: Manufacturing overhead is applied at 120% of the direct labour cost.)
Calculate the costs of completed jobs 101 and 111 as at July 31.
Job 101 | Job 111 | |||
Completed job costs | $ | $ |
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