Unit Cost, Ending Work-in-Process Inventory, Journal Entries

During August, Skyler Company worked on three jobs. Data relating to these three jobs follow:

	Job 39	Job 40	Job 41
Units in each order	60	100	80
Units sold		100
Materials requisitioned	$700	$670	$800
Direct labor hours	360	400	200
Direct labor cost	$1,944	$2,440	$1,220

Overhead is assigned on the basis of direct labor hours at a rate of $2.20 per direct labor hour. During August, Jobs 39 and 40 were completed and transferred to Finished Goods Inventory. Job 40 was sold by the end of the month. Job 41 was the only unfinished job at the end of the month.

Required:

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1. Calculate the per-unit cost of Jobs 39 and 40. Round unit costs to nearest cent.

Job 39	$fill in the blank 42a96ef9cfc7fa0_1 per unit
Job 40	$fill in the blank 42a96ef9cfc7fa0_2 per unit

2. Compute the ending balance in the work-in-process inventory account. $fill in the blank 42a96ef9cfc7fa0_3

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3. Prepare the journal entries reflecting (a.) the completion of Jobs 39 and 40 and (b.) the sale of Job 40. Make the entry to record the cost of Job 40 first, followed by the entry to record the revenue from its sale. The selling price is 150 percent of cost.

a.	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsWork in Process
	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsOverhead ControlWork in Process
b (1).	Accounts PayableMaterials CashCost of Goods SoldFinished GoodsOverhead ControlWork in Process
	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsOverhead ControlWork in Process
b (2).	Accounts PayableAccounts ReceivableOverhead ControlFinished GoodsSales RevenueWork in Process
	Accounts PayableAccounts ReceivableCashOverhead ControlSales RevenueWork in ProcessMaterials