A company uses job order costing and has the following data for Job 101:Direct materials:...
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Accounting
A company uses job order costing and has the following data for Job 101:
- Direct materials: $15,000
- Direct labor: $10,000 (500 hours at $20/hour)
- Overhead rate: $5 per direct labor hour
(a) Calculate the total cost for Job 101. (b) Determine the cost per unit if 1,000 units are produced. (c) Prepare the journal entries for job costs. (d) Discuss the advantages of job order costing.
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