Cullumber Ltd. is in the business of manufacturing cabinets, computer stands, and countertops. Most of its...

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Cullumber Ltd. is in the business of manufacturing cabinets, computer stands, and countertops. Most of its jobs are contracts for home builders. The following information is available for the month of July: Costs Incurred to July 1 Added in July Job Number Direct Direct Direct Direct Materials Labour Materials Labour Status at July 31 101 $11,250 $2,500 $0 $1,250 Completed but not sold 103 3,125 1,875 ? ? Not completed 111 750 125 625 3,750 Completed but not sold 115 1,000 215 Not completed Activity in accounts: Opening Account Balance July 1 Purchased in July Issued/Used in July Ending Balance July 31 Direct Materials $3,750 $7,500 $6,125 $? Direct Labour 10,000 On July 1, finished goods inventory consisted of one job, 105, with a total cost of $22,500. This job was sold during July. (Note: Manufacturing overhead is applied at 120% of the direct labour cost.) Cullumber Ltd. is in the business of manufacturing cabinets, computer stands, and countertops. Most of its jobs are contracts for home builders. The following information is available for the month of July: Costs Incurred to July 1 Added in July Job Number Direct Direct Direct Direct Materials Labour Materials Labour Status at July 31 101 $11,250 $2,500 $0 $1,250 Completed but not sold 103 3,125 1,875 ? ? Not completed 111 750 125 625 3,750 Completed but not sold 115 1,000 215 Not completed Activity in accounts: Opening Account Balance July 1 Purchased in July Issued/Used in July Ending Balance July 31 Direct Materials $3,750 $7,500 $6,125 $? Direct Labour 10,000 On July 1, finished goods inventory consisted of one job, 105, with a total cost of $22,500. This job was sold during July. (Note: Manufacturing overhead is applied at 120% of the direct labour cost.)

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To solve this problem lets go through the given information step by step to calculate the missing values and determine the ending balances 1 Calculate ... View the full answer