Unit Cost, Ending Work in Process, Journal Entries

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

	Job 64		-Job 65
Units in each order	500-----------		1,000
Units sold	500		(zero)
Materials requisitioned---	$19,840		$15,760
Direct labour hours	900		1,260
Direct labour cost	$17,100		$23,940

Overhead is assigned on the basis of direct labour hours at a rate of $37. 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. Round your answer to the nearest cent. $_______________ per unit

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 160 percent of cost. If required, round all journal entry amounts to the nearest whole dollar.

Transfer to finished goods ___________

(To record completion of Job 64)

Sales________________

(To record sales of Job 64)

COGS __________________

(To record cost of goods sold for Job 64)