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Problem 5-52 (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:
Job 64
Job 65
Units in each order
50
80
Units sold
-
Materials requisitioned
$3,560
$785
Direct labor hours
410
583
Direct labor cost
$6,720
$9,328
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 sell- ing price is 175% of cost. (Note: Round all journal entry amounts to the nearest dollar.)
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