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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?Selling price is $319,612.50, please show how you came to your solution. I would like to see the steps and understand it.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9975996

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