Chapter 5 Question 3

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Unit Cost, Ending Work-in-Process Inventory, Journal Entries During August, Skyler Company worked on three jobs. Data relating to these three jobs follow: completed and transferred to Finished Goods Inventory. Job 40 was sold by the end of the mat the end of the month. Required: 1. Calculate the per-unit cost of Jobs 39 and 40 . Round unit costs to nearest cent. Job39Job40$$perunitperunit 2. Compute the ending balance in the work-in-process inventory account. $ 3. Prepare the journal entries reflecting (a.) the completion of Jobs 39 and 40and(b.)th cost of Job 40 first, followed by the entry to record the revenue from its sale. The selling price is 150 percent of cost