Job Costs, Ending Work in ProcessDuring March, Aragon Company worked on three jobs. Data relating to these three jobs follow:Job 78Job 79Job 80Units in each order200240340Units sold240Materials requisitioned$1,560$1,176$3,740Direct labor hours220264578Direct labor cost$3,080$3,696$5,202Overhead is assigned on the basis of direct labor hours at a rate of $8.20 per direct labor hour. During March, Jobs 78 and 79 were completed and transferred to Finished GoodsInventory. Job 79 was sold by the end of the month. Job 80 was the only unfinished job at the end of the month. Required:1. Calculate the per-unit cost of Jobs 78 and 79. Round your answers to the nearest cent.Job 78per unitJob 79per unit2. Compute the ending balance in the work-in-process inventory account. Round your answer to the nearest cent.3. Prepare the journal entries reflecting the completion of Jobs 78 and 79 and the sale of Job 79. The selling price is 140 percent of cost. Round your answers to the nearest cent.Completion ofJobs 78 & 79Sale ofJob 79 (cost)Sale ofJob 79 (sale)

Answered: Image /qna-images/answer/6942473b-54b0-4155-a5b9-a1bb8b635766.jpg

Answered: Required: 1. Calculate the per-unit…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

1. Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units ? ? ? ? ? ? ? ? ? ? ? ?
s
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
Kindly solve the remaining three Requirements iam going to mention the numbers 5. 6. 7. Previous four were solved earlier by your experts. Thankyou...
Hello Please provide the journal enty for H.
6. True or False: When two processes are needed, the cost of finished units in Process #1 is transferred to Process #2 by debiting the Work-in-Process Inventory #1 account and crediting the Work-in-Process Inventory #2 account. 7. True or False: At the end of the accounting period, the total of all job cost sheets related to unfinished jobs will equal the ending balance in the Work-in-Process Inventory account. 8. True or False: Under process costing, the manager for Process #4 (in a multi-process production operation) cannot control the amount of Transferred-In Costs assigned to him/her from earlier processes, but it still held responsible for those costs, and they will be part of the Cost of Production Report for Process #4. 9. True or False: When a job has been completed, all of the costs assigned on the job's job cost sheet are moved to the Finished Goods Inventory account. 10. True or False: It is difficult to trace costs to individual products in a continuous flow manufacturing…
Attached Question:
1. Determine the total estimated overhead cost for each of the producing departments after allocating the cost of the service department. A. Using employee headcount as the allocation base. B. Using occupied space as the allocation base. C. Using productive capacity as the allocation base. D. Using the 3-year average use as the allocation base.
C) what's is the cost per equivalent unit for materials ? ( round your answer to 2 decimal places.) D) what is the cost equivalent unit for conversion? (Round your answer to 2 decimal places.) E) what is the cost of units transferred out? (Round your cost per equivalent unit to 2 decimal places.)
* Question Completion Status: Mon Inc. a manufacturer of jewellery reported the following last month Assembly line, jewellery manufacturing salaries Finished goods inventory, beginning Finished goods inventory, ending General & administrative expenses Indirect materials requisitioned to factory Production Supervisor, Salary Purchases of raw materials Raw materials inventory, ending Raw materials inventory, beginning Rent on production factory Rent, retail store Sales Utilities on manufacturing factory Utilities, retail store Wages, retail staff WIP inventory, beginning WIP inventory, ending Assume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAS, NO $ What is the cost of raw materials used in production? What is Direct Labour? What is Manufacturing Overhead? What is the Total Manufacturing Costs? O What is the Cost of Goods Manufactured? Type here to search 18,000 17,000 20,000 22,000 17,500 21,000 28,000 19,000 18,000 19,000 18,000 200,000…
Job 113 was completed at a cost of $4,800, and Job 85 was completed at a cost of $3,300 and sold on account for $4,500. Prepare journal entries for the following: If an amount box does not require an entry, leave it blank. A. Completion of Job 113. fill in the blank ec5974fe0f8f04b_2 fill in the blank ec5974fe0f8f04b_3 fill in the blank ec5974fe0f8f04b_5 fill in the blank ec5974fe0f8f04b_6 B. Completion and sale of Job 85. fill in the blank ac9efe072f91fff_2 fill in the blank ac9efe072f91fff_3 fill in the blank ac9efe072f91fff_5 fill in the blank ac9efe072f91fff_6 fill in the blank ac9efe072f91fff_8 fill in the blank ac9efe072f91fff_9 fill in the blank ac9efe072f91fff_11 fill in the blank ac9efe072f91fff_12 fill in the blank ac9efe072f91fff_14 fill in the blank ac9efe072f91fff_15 fill in the blank ac9efe072f91fff_17 fill in the blank ac9efe072f91fff_18
stuck need on solving

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

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