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The Rafaello company produces quality organ pipes for concerts. Each work order is unique. In April 2019 I completed all pending orders and then in May 2019 I only work on two orders M-1 and M-2
Order M-1 Order M-2
Direct materials $ 78,000 $ 51,000
Direct labor $ 273,000 $ 208,000
Direct labor is paid at a rate of $ 26 per hour. Indirect manufacturing costs are assigned at a budgeted rate of $ 20 per hour of direct labor. In May only the M-1 work order was completed
Calculate:
Question a) The total cost for M-1 order
Question b) 1,100 tubes were produced for order M-1. Calculate the unit cost
Question c) Prepare journal entry to transfer M-1 work order to finished products
Question d) What is the final balance in the product control in process account?
Calculate the net effect on profits of accepting the special order
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