Reference no: EM132870151
Problem 1 - Ensign Landscape Design designs landscape plans and plants the material for clients. On April 1, there were three jobs in process, Jobs 39, 40, and 41. During April, two more jobs were started, Jobs 42 and 43. By April 30, Jobs 40, 41, and 43 were completed and sold. The following data were gathered: Overhead is applied at the rate of 110% of direct labor cost. Jobs are sold at cost plus 30%. Selling and administrative expenses for April totaled $4,575. (Round all amounts to the nearest dollar.) Construct an income statement for Ensign Landscape Design for the month of April.
Problem 2 - Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred:
a. Purchased materials on account for $29,670.
b. Requisitioned materials totaling $24,500 for use in production. Of the total, $9,200 was for Job 58, $8,900 for Job 59, and the remainder for Job 60.
c. Incurred direct labor of $32,400, with an average wage of $18 per hour. Job 58 used 800 hours; Job 59, 600 hours; and Job 60, 400 hours.
d. Incurred and paid actual overhead of $17,880 (credit Various Payables).
e. Charged overhead to production at the rate of $4.80 per direct labor hour.
f. Completed and transferred Jobs 58 and 59 to Finished Goods.
g. Sold Job 57 (see beginning balance of Finished Goods) and Job 58 to their respective clients on account for a price of cost plus 40%.
Beginning balances as of May 1 were: Prepare the journal entries for Transactions a through g.
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Prepare job-order cost sheets for each job as of May
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