10 Nov Problem 5-52 (Appendix 5A) Unit Cost, Ending Work
Problem 5-52 (Appendix 5A) Unit Cost, Ending Work in Process, Journal EntriesDuring 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 $9,328Overhead 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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