Compute the ending balance in the work-in-process account

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Reference no: EM13939982

UNIT COST, ENDING WORK IN PROCESS, JOURNAL ENTRIES

During August, Pamell Inc. worked on two jobs. Data relating to these two jobs follow:

	Job 64	Job 65
Units in each order	50	100
Units sold	50	-
Materials requisitioned	$1,240	$985
Direct labor hours	410	583
Direct labor cost	$6,150	$8,745

Overhead is assigned on the basis of direct labor hours at a rate of $12. During Au- gust, 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 160 percent of cost.

Reference no: EM13939982

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