Ajt.11 At the end of the year, Helen, the controller at her company, is looking back at three key jobs that have been completed and shipped:Job 54, Job 110, and Job 113. She is particularly focused on these three because they are the least profitable of all jobs completed lastyear. In addition, these are the only jobs that required extremely specialized plating work, which one former employee alwayscompleted for them. Since that employee unexpectedly left the company, the company has needed to contract with a separateemployment agency to cover those specific tasks. And, yes, it ended up costing the company more to do this.Here are some details for the three jobs:Bid priceEstimated DM costsEstimated DL costsEstimated MOH costsActual DM costsActual DL costsApplied MOH costs(a)Estimated GM%Actual Amounts:Actual GM%LEJob 54$8,1006501,650It3,6006402,1504,750Job 110Determine how much gross margin was originally expected for each job and compare it to the amount of gross margin actually earnedfor each job, assuming the final selling price equals the bid price. (Enter negative percentages using either a negative sign preceding thenumber e.g. -45 or parentheses e.g. (45). Round answers to 2 decimal places, e.g. 52.75.)Estimated Amounts:$16,3003,3502,950Job 54Job 549,3506,590 10,2703,1507,0504,1507,25016,480Job 11332.83 %$32,6006,8004,55093.08 %Job 110Job 11079.07 %102 %Job 113Job 11366.31 %94.41 %

Gross margin represents the percentage of revenue that exceeds the direct costs of producing goods…

At the end of the year, Helen, the controller at her company, is looking back at three key jobs that have been comple Job 54, Job 110, and Job 113. She is particularly focused on these three because they are the least profitable of all year. In addition, these are the only jobs that required extremely specialized plating work, which one former emplo completed for them. Since that employee unexpectedly left the company, the company has needed to contract with

At the end of the year, Helen, the controller at her company, is looking back at three key jobs that have been comple Job 54, Job 110, and Job 113. She is particularly focused on these three because they are the least profitable of all year. In addition, these are the only jobs that required extremely specialized plating work, which one former emplo completed for them. Since that employee unexpectedly left the company, the company has needed to contract with

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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