Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Zain Company produces pipes for concert-quality organs. Each job is unique. In April 2020, it completed all outstanding orders, and then, in May 2020, it

Zain Company produces pipes for concert-quality organs. Each job is unique. In April 2020, it completed all outstanding orders, and then, in May 2020, it worked on only two jobs, M1 and M2:

Job M1

Job M2

Direct Materials

$ 78,000

$ 51,000

Direct Labor

273,000

208,000

Direct manufacturing labor is paid at the rate of $26 per hour. Manufacturing overhead costs are allocated at a budgeted rate of $20 per direct manufacturing labor-hour. Only Job M1 was completed in May.

Instructions:

  1. Calculate the total cost for Job M1. (1 mark)
  2. 1,100 pipes were produced for Job M1. Calculate the cost per pipe. (1 mark)
  3. Prepare the journal entry transferring Job M1 to finished goods. (1 mark)
  4. What is the ending balance in the Work-in-Process Control account? (1 mark)

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

Organizational Change

Authors: Barbara Senior, Stephen Swailes

5th Edition

1292063831, 9781292063836

More Books

Students also viewed these Accounting questions