Richards Company produces pipes for concert-quality organs. Each job is unique. In April 2021, it completed all outstanding orders, and then, in May 2021, it worked on only two jobs, M1 and M2: (Click the icon to view the job information.) Direct manufacturing labour is paid at the rate of $28 per hour. Manufacturing overhead costs are allocated at a budgeted rate of $25 per direct manufacturing labour-hour. Only Job M1 was completed in May. Requirement 1. Compute the total cost for Job M1. Job Costs May 2021 Amount Total costs Requirement 2. 1,500 pipes were produced for Job M1. Calculate the cost per pipe. (Round your answer to the nearest whole dollar.) If 1,500 pipes were produced, what is the cost per each pipe for Job M1? Requirement 3. Prepare the journal entry transferring Job M1 to finished goods. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Requirement 4. What is the ending balance in the Work-in-Process Control account? Job information What is the ending balance of Richards Company's Work-in-Process Control account at the end of May 2021? Richards Company, May 2021 Direct materials Direct manufacturing labour Job M1 Job M2 $ 73,000 $ 58,000 330,400 243,600
Richards Company produces pipes for concert-quality organs. Each job is unique. In April 2021, it completed all outstanding orders, and then, in May 2021, it worked on only two jobs, M1 and M2: (Click the icon to view the job information.) Direct manufacturing labour is paid at the rate of $28 per hour. Manufacturing overhead costs are allocated at a budgeted rate of $25 per direct manufacturing labour-hour. Only Job M1 was completed in May. Requirement 1. Compute the total cost for Job M1. Job Costs May 2021 Amount Total costs Requirement 2. 1,500 pipes were produced for Job M1. Calculate the cost per pipe. (Round your answer to the nearest whole dollar.) If 1,500 pipes were produced, what is the cost per each pipe for Job M1? Requirement 3. Prepare the journal entry transferring Job M1 to finished goods. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Requirement 4. What is the ending balance in the Work-in-Process Control account? Job information What is the ending balance of Richards Company's Work-in-Process Control account at the end of May 2021? Richards Company, May 2021 Direct materials Direct manufacturing labour Job M1 Job M2 $ 73,000 $ 58,000 330,400 243,600
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Richards Company produces pipes for concert-quality organs. Each job is unique. In April 2021, it completed all outstanding orders, and then, in May 2021, it worked on only two jobs, M1 and M2:
(Click the icon to view the job information.)
Direct manufacturing labour is paid at the rate of $28 per hour. Manufacturing overhead costs are allocated at a budgeted rate of $25 per direct manufacturing labour-hour. Only Job M1 was
completed in May.
Requirement 1. Compute the total cost for Job M1.
Job Costs May 2021
Amount
Total costs
Requirement 2. 1,500 pipes were produced for Job M1. Calculate the cost per pipe. (Round your answer to the nearest whole dollar.)
If 1,500 pipes were produced, what is the cost per each pipe for Job M1?
Requirement 3. Prepare the journal entry transferring Job M1 to finished goods. (Record debits first, then credits. Exclude explanations from any journal entries.)
Date
Accounts
Debit
Credit
Requirement 4. What is the ending balance in the Work-in-Process Control account?
Job information
What is the ending balance of Richards Company's Work-in-Process Control account at the end of
May 2021?
Richards Company, May 2021
Direct materials
Direct manufacturing labour
Job M1
Job M2
$ 73,000 $ 58,000
330,400 243,600
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