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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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Category:- Accounting Basics
Reference No.:- M91874569

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