(Solved by Humans)-Problem 5-52 (Appendix 5A) Unit Cost, Ending Work in Process, Journal Entries During August,...
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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 50 — 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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This question was answered on: 10 May, 2025
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