Chapter 8, Problem 24DQ

solve qn no. 3

Horngren's Financial & Managerial Accounting: The Managerial Chapters,  8th Edition. E-M:2-19 Accounting for job costs                       Brook Trailers’ job cost records yielded the following information:                   Job No. Date Total Cost of Job at July 31     Started Finished Sold     1 21-Jun 16-Jul 17-Jul $  3,100     2 29-Jun 21-Jul 26-Jul   13,000     3 3-Jul 11-Aug 13-Aug     6,900     4 7-Jul 29-Jul 1-Aug     4,400                   Use the dates in the table to identify the status of each job. Compute the following balances for Brook Trailers: a. Work-in-Process Inventory at July 31                       b. Finished Goods Inventory at July 31                       c. Cost of Goods Sold for July                       c. COGS $16,100

Donald Diesel owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base salary of $1,380 per month. One of the barbers serves as the manager and receives an extra $535 per month. In addition to the base salary, each barber also receives a commission of $3.75 per haircut. Other costs are as follows. Advertising $270 per month Rent $1,010 per month Barber supplies $0.50 per haircut Utilities $160 per month plus $0.15 per haircut Magazines $35 per month Donald currently charges $11.00 per haircut. Compute the break-even point in sales units and in sales dollars. Break-even point Break-even point sales $ haircuts