Question: During August Leming Inc worked on two jobs Data relating

During August, Leming Inc. worked on two jobs. Data relating to these two jobs follow:
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.

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 selling price is 175 percent of cost.

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  • CreatedSeptember 22, 2015
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