Compute cabrillo cost of construction-in-process inventory

Assignment Help Accounting Basics

Reference no: EM131822108

Question: Analysis of Job-Cost Data The Cabrillo Construction Company constructs houses on speculation. That is, the houses are started before any buyer is known. Even if the buyer agrees to purchase a house under construction, no sales are recorded until the house is completed and accepted for delivery. The job-cost records contained the following (in thousands):

1. Compute Cabrillo's cost of

(a) construction-in-process inventory at September 30 and October 31,

(b) finished-houses inventory at September 30 and October 31, and

2. Prepare summary journal entries for the transfer of completed houses from construction in process to finished houses for September and October.

3. Record the cash sale (price = $345,000) and the cost of the house sold for Job 53.

Reference no: EM131822108

Questions Cloud

Process costing in a jit environment companies : Process Costing in a JIT Environment Companies using JIT production systems usually have very small inventories or no inventories at all.

What are the critical performance dimensions for wine : What are the critical performance dimensions for wine industry company that should be considered in credit analysis

Compute the three statistics that measure central location : a. Compute the three statistics that measure central locatino. b. Briefly describe what each statistic tells you.

Discuss the respective interests in having police officers : Discuss the respective interests in having police officers with the physical ability to perform the job, contrasted with a disabled worker.

Compute cabrillo cost of construction-in-process inventory : Analysis of Job-Cost Data The Cabrillo Construction Company constructs houses on speculation. That is, the houses are started before any buyer is known.

How much total interest will amos pay on this payment plan : Amos Excavating Inc. is purchasing a bulldozer. The equipment has a price of $100,000. How much total interest will Amos pay on this payment plan

Discuss what is the balance in the common stock account : What is the balance in the common stock account after the purchases on January 2

Calculate the npv of going directly to market : Calculate the NPV of going directly to market and the NPV of test-marketing before going to market.

What is the amount of fayes taxable income : Faye incurs the following deductible expenses: $2,500 in state income taxes, $3,000 in local property taxes, $900. What is the amount of Faye's taxable income?

User Account

All Pages