Homework Help is Here – Start Your Trial Now!
Business
Accounting
On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow: Job Number HC-34 HC-37 Direct Materials. $4,480 3,380 Direct Labor $ 1,880 6,080 The Materials Inventory account on April 1 totaled $8,180. Materials purchased during the month totaled $17,800. Indirect materials of $1,820 were issued from materials inventory. On April 1, finished goods inventory consisted of two jobs: HC-32, costing $7,060, and HC-35, with a cost of $3,880. 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 $5,180 in direct labor. The completion costs for Job HC-37 included $3,480 in direct materials and $10,780 in direct labor. Hartwell Contracting used a total of $9,180 of direct materials (excluding the $1,820 indirect materials) during the month and $25,880 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.

On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow: Job Number HC-34 HC-37 Direct Materials. $4,480 3,380 Direct Labor $ 1,880 6,080 The Materials Inventory account on April 1 totaled $8,180. Materials purchased during the month totaled $17,800. Indirect materials of $1,820 were issued from materials inventory. On April 1, finished goods inventory consisted of two jobs: HC-32, costing $7,060, and HC-35, with a cost of $3,880. 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 $5,180 in direct labor. The completion costs for Job HC-37 included $3,480 in direct materials and $10,780 in direct labor. Hartwell Contracting used a total of $9,180 of direct materials (excluding the $1,820 indirect materials) during the month and $25,880 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
icon
Concept explainers
Question
Please do not give solution in image format
On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow: Job Number HC-34 HC-37 Direct Materials. $4,480 3,380 Direct Labor $ 1,880 6,080 The Materials Inventory account on April 1 totaled $8,180. Materials purchased during the month totaled $17,800. Indirect materials of $1,820 were issued from materials inventory. On April 1, finished goods inventory consisted of two jobs: HC-32, costing $7,060, and HC-35, with a cost of $3,880. 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 $5,180 in direct labor. The completion costs for Job HC-37 included $3,480 in direct materials and $10,780 in direct labor. Hartwell Contracting used a total of $9,180 of direct materials (excluding the $1,820 indirect materials) during the month and $25,880 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
Transcribed Image Text:On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow: Job Number HC-34 HC-37 Direct Materials. $4,480 3,380 Direct Labor $ 1,880 6,080 The Materials Inventory account on April 1 totaled $8,180. Materials purchased during the month totaled $17,800. Indirect materials of $1,820 were issued from materials inventory. On April 1, finished goods inventory consisted of two jobs: HC-32, costing $7,060, and HC-35, with a cost of $3,880. 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 $5,180 in direct labor. The completion costs for Job HC-37 included $3,480 in direct materials and $10,780 in direct labor. Hartwell Contracting used a total of $9,180 of direct materials (excluding the $1,820 indirect materials) during the month and $25,880 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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Journal entries
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS