On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow: Job Number HC-34 HC-37 Direct Materials $ 4,400 3,300 Direct Labor $ 1,800 6,000 The Materials Inventory account on April 1 totaled $8,100. Materials purchased during the month totaled $17,600. Indirect materials of $1,740 were issued from materials inventory. On April 1, finished goods inventory consisted of two jobs: HC-32, costing $6,980, and HC-35, with a cost of $3,800. Costs for both jobs were transferred to Cost of Services Billed during the month. Also during April, Jobs HC-34 and HC-37 were completed. Completing Job HC-34 required an additional $5,100 in direct labor. The completion costs for Job HC-37 included $3,400 in direct materials and $10,700 in direct labor. Hartwell Contracting used a total of $9,100 of direct materials (excluding the $1,740 indirect materials) during the month and $25,800 in total direct labor costs. Overhead has been estimated at 75 percent of direct labor costs, and this relation has been the same for the past few years. Required: Compute the costs of Jobs HC-34 and HC-37 and the balances in the April 30 inventory accounts. Cost to complete HC-34 Cost to complete HC-37 Balance of Materials Inventory as of April 30 Balance of Work-in-Process Inventory as of April 30 Balance of Finished Goods Inventory as of April 30
On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow: Job Number HC-34 HC-37 Direct Materials $ 4,400 3,300 Direct Labor $ 1,800 6,000 The Materials Inventory account on April 1 totaled $8,100. Materials purchased during the month totaled $17,600. Indirect materials of $1,740 were issued from materials inventory. On April 1, finished goods inventory consisted of two jobs: HC-32, costing $6,980, and HC-35, with a cost of $3,800. Costs for both jobs were transferred to Cost of Services Billed during the month. Also during April, Jobs HC-34 and HC-37 were completed. Completing Job HC-34 required an additional $5,100 in direct labor. The completion costs for Job HC-37 included $3,400 in direct materials and $10,700 in direct labor. Hartwell Contracting used a total of $9,100 of direct materials (excluding the $1,740 indirect materials) during the month and $25,800 in total direct labor costs. Overhead has been estimated at 75 percent of direct labor costs, and this relation has been the same for the past few years. Required: Compute the costs of Jobs HC-34 and HC-37 and the balances in the April 30 inventory accounts. Cost to complete HC-34 Cost to complete HC-37 Balance of Materials Inventory as of April 30 Balance of Work-in-Process Inventory as of April 30 Balance of Finished Goods Inventory as of April 30
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow:
Job
Number
HC-34
HC-37
Direct
Materials
$ 4,400
3,300
Direct
Labor
$ 1,800
6,000
01:06:15
eBook
The Materials Inventory account on April 1 totaled $8,100. Materials purchased during the month totaled
$17,600. Indirect materials of $1,740 were issued from materials inventory. On April 1, finished goods inventory
consisted of two jobs: HC-32, costing $6,980, and HC-35, with a cost of $3,800. Costs for both jobs were
transferred to Cost of Services Billed during the month.
Also during April, Jobs HC-34 and HC-37 were completed. Completing Job HC-34 required an additional
$5,100 in direct labor. The completion costs for Job HC-37 included $3,400 in direct materials and $10,700 in
direct labor.
Hartwell Contracting used a total of $9,100 of direct materials (excluding the $1,740 indirect materials) during
the month and $25,800 in total direct labor costs. Overhead has been estimated at 75 percent of direct labor
costs, and this relation has been the same for the past few years.
Required:
Compute the costs of Jobs HC-34 and HC-37 and the balances in the April 30 inventory accounts.
Cost to complete HC-34
Cost to complete HC-37
Balance of Materials Inventory as of April 30
Balance of Work-in-Process Inventory as of April 30
Balance of Finished Goods Inventory as of April 30
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