Kim's Asphalt does driveway and parking lot resurfacing work for large commercial clients as well as small residential clients. An inventory of materials and equipment is on hand at all times so that work can start as quickly as possible. Special equipment iso required. On May 1, the Materials and Equipment Inventory account had a balance of $44,000. The Work-in-Process Inventon account is maintained to record costs of work not yet complete. There were two such jobs on May 1 with the following costs. Job 27 Highlands Mal1 $16,575 14,3e0 4,290 Job 33 Haterials and equipment Direct labor Overhead (applied) Pine Ridge Estates $ 53,300 26,650 7,995 Overhead has been applied at 30 percent of the costs of direct labor. During May, Kim's Asphalt started two new jobs. Additional work was carried out on Jobs 27 and 33. with the latter completed a
Kim's Asphalt does driveway and parking lot resurfacing work for large commercial clients as well as small residential clients. An inventory of materials and equipment is on hand at all times so that work can start as quickly as possible. Special equipment iso required. On May 1, the Materials and Equipment Inventory account had a balance of $44,000. The Work-in-Process Inventon account is maintained to record costs of work not yet complete. There were two such jobs on May 1 with the following costs. Job 27 Highlands Mal1 $16,575 14,3e0 4,290 Job 33 Haterials and equipment Direct labor Overhead (applied) Pine Ridge Estates $ 53,300 26,650 7,995 Overhead has been applied at 30 percent of the costs of direct labor. During May, Kim's Asphalt started two new jobs. Additional work was carried out on Jobs 27 and 33. with the latter completed a
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 10P
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