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Wright's Construction builds custom houses for individual buyers. On June 1, it had one job started with a beginning Work-in-Process of $56,000. During June the job was finished and sold. Direct labor for the job in June was $75,000 and direct materials used were $57,000. Overhead is computed at a rate of 65% of direct labor. There is a markup of 35% on all sales. What was the selling price of the house? Answer $319,612.50 $236,750 $82,862.5 $272,600 262,087.5.

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Accounting Basics, Accounting

Category:- Accounting Basics
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