Rafael Company produces pipes for concert-quality organs. Each job is unique. In April 2022, it completed all outstanding orders, and then, in May 2022, it worked on only two jobs, M1 and M2: RAFAEL COMPANY, May 2022 Direct materials costs Direct manufacturing labor costs REQUIREMENTS: 1. Calculate the total cost for Job M1. Total cost for Job M1 Direct manufacturing labor is paid at the rate of $26 per hour. Manufacturing overhead costs are allocated at a budgeted rate of $ 20 per direct manufacturing labor- hour. Only Job M1 was completed in May. Job M1 Cost per pipe Job M2 $78,000 $51,000 $273,000 $208,000 2. 1,100 pipes were produced for Job M1. Calculate the cost per pipe. Ending WIP balance 3. Prepare the journal entry transferring Job M1 to finished goods. 4. What is the ending WIP balance for May 2022?

Rafael Company produces pipes for concert-quality organs. Each job is unique. In April 2022, it completed all outstanding orders, and then, in May 2022, it worked on only two jobs, M1 and M2: RAFAEL COMPANY, May 2022 Direct materials costs Direct manufacturing labor costs REQUIREMENTS: 1. Calculate the total cost for Job M1. Total cost for Job M1 Direct manufacturing labor is paid at the rate of $26 per hour. Manufacturing overhead costs are allocated at a budgeted rate of $ 20 per direct manufacturing labor- hour. Only Job M1 was completed in May. Job M1 Cost per pipe Job M2 $78,000 $51,000 $273,000 $208,000 2. 1,100 pipes were produced for Job M1. Calculate the cost per pipe. Ending WIP balance 3. Prepare the journal entry transferring Job M1 to finished goods. 4. What is the ending WIP balance for May 2022?

Name: PR #3 JOB COSTING, UNIT COST, ENDING WORK IN PROCESSINSTRUCTIONS: Usi
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Description: PR #3 JOB COSTING, UNIT COST, ENDING WORK IN PROCESSINSTRUCTIONS: Using the data below, input your responses to the four required items in the yellow highlighted cells below.You are required to use formulas for all calculations for this problem.Rafa

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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