Please do not give solution in image format thanku 3. Prepare the journal entries reflecting the completion of Jobs 86 and 87 and the sale of Job 87. The selling price is 140 percent of cost. Round your answers to the nearest cent.Completion ofJobs 86 & 87Sale ofJob 87 (cost)Sale ofJob 87 (sale) During March, Estes Company worked on three jobs. Data relating to these three jobs follow:Job 86Job 87110220220$1,034Units in each orderUnits soldMaterials requisitionedDirect labor hoursDirect labor cost$836121$1,331Overhead is assigned on the basis of direct labor hours at a rate of $7.60 per direct labor hour. During March, Jobs 86 and 87 were completed and transferred to Finished Goods Inventory. Job 87was sold by the end of the month. Job 88 was the only unfinished job at the end of the month.Required:Job 86Job 88290242$3,630Job 87$2,958464$4,1761. Calculate the per-unit cost of Jobs 86 and 87. Round your answers to the nearest cent.per unitper unit2. Compute the ending balance in the work-in-process inventory account. Round your answer to the nearest cent.

Name: Please do not give solution in image format thanku 3. Prepare the jour
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Description: Please do not give solution in image format thanku 3. Prepare the journal entries reflecting the completion of Jobs 86 and 87 and the sale of Job 87. The selling price is 140 percent of cost. Round your answers to the nearest cent.Completion ofJobs 8

The ending work in process comprises the cost of job which is not completed yet. The cost of goods…

Business

Accounting

ing Maren, Este Units in each order Units sold Materials requisitioned Direct labor hours Direct labor cost Job 86 110 Job 86 Job 87 220 220 $1,034 242 $3,630 Job 87 Job 88 290 $836 $2,958 121 464 $1,331 $4,176 Overhead is assigned on the basis of direct labor hours at a rate of $7.60 per direct labor hour. During March, Jobs 86 and 87 were completed and transferred to Finished Goods Inventory. was sold by the end of the month. Job 88 was the only unfinished job at the end of the month. Required: JODS TONOW. 1. Calculate the per-unit cost of Jobs 86 and 87. Round your answers to the nearest cent. per unit per unit 2. Compute the ending balance in the work-in-process inventory account. Round your answer to the nearest cent. $

ing Maren, Este Units in each order Units sold Materials requisitioned Direct labor hours Direct labor cost Job 86 110 Job 86 Job 87 220 220 $1,034 242 $3,630 Job 87 Job 88 290 $836 $2,958 121 464 $1,331 $4,176 Overhead is assigned on the basis of direct labor hours at a rate of $7.60 per direct labor hour. During March, Jobs 86 and 87 were completed and transferred to Finished Goods Inventory. was sold by the end of the month. Job 88 was the only unfinished job at the end of the month. Required: JODS TONOW. 1. Calculate the per-unit cost of Jobs 86 and 87. Round your answers to the nearest cent. per unit per unit 2. Compute the ending balance in the work-in-process inventory account. Round your answer to the nearest cent. $

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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