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Cornerstones of Managerial Accounting 4th Edition by Maryanne Mowen, Don Hansen, Dan Heitger
Edition 4ISBN: 978-0324380767Cornerstones of Managerial Accounting 4th Edition by Maryanne Mowen, Don Hansen, Dan Heitger
Edition 4ISBN: 978-0324380767 Exercise 70
( Appendix 5A ) Unit Cost, Ending Work in Process, Journal Entries
During August, Leming Inc. worked on two jobs. Data relating to these two jobs follow:
Overhead is assigned on the basis of direct labor hours at a rate of $11. During August, Job 64 was completed and transferred to Finished Goods. Job 65 was the only unfinished job at the end of the month.
Required:
1. Calculate the per-unit cost of Job 64.
2. Compute the ending balance in the work-in-process account.
3. Prepare the journal entries reflecting the completion and sale on account of Job 64. The selling price is 175% of cost. ( Note : Round all journal entry amounts to the nearest dollar.)
During August, Leming Inc. worked on two jobs. Data relating to these two jobs follow:
Overhead is assigned on the basis of direct labor hours at a rate of $11. During August, Job 64 was completed and transferred to Finished Goods. Job 65 was the only unfinished job at the end of the month.
Required:
1. Calculate the per-unit cost of Job 64.
2. Compute the ending balance in the work-in-process account.
3. Prepare the journal entries reflecting the completion and sale on account of Job 64. The selling price is 175% of cost. ( Note : Round all journal entry amounts to the nearest dollar.)
Explanation
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1. Overhead cost assigned to Job 64: 
Ca...
Cornerstones of Managerial Accounting 4th Edition by Maryanne Mowen, Don Hansen, Dan Heitger
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