Job Costs, Ending Work in Process During March, Estes Company worked on three jobs. Data...

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Accounting

Job Costs, Ending Work in Process

During March, Estes Company worked on three jobs. Data relating to these three jobs follow:

Job 86 Job 87 Job 88

Units in each order 250 210 270

Units sold 210

Materials requisitioned $1,600 $1,218 $3,024

Direct labor hours 275 231 513

Direct labor cost $4,125 $3,465 $4,207

Overhead is assigned on the basis of direct labor hours at a rate of $9.60 per direct labor hour. During March, Jobs 86 and 87 were completed and transferred to Finished Goods Inventory. Job 87 was sold by the end of the month. Job 88 was the only unfinished job at the end of the month.

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1. Calculate the per-unit cost of Jobs 86 and 87. Round your answers to the nearest cent.

Job 86	$fill in the blank 121449fa0036039_1 per unit
Job 87	$fill in the blank 121449fa0036039_2 per unit

2. Compute the ending balance in the work-in-process inventory account. Round your answer to the nearest cent.

$fill in the blank 121449fa0036039_3

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3. Prepare the journal entries reflecting the completion of Jobs 86 and 87 and the sale of Job 87. The selling price is 110 percent of cost. Round your answers to the nearest cent.

Completion of Jobs 86 & 87	Accounts ReceivableCashCost of Goods SoldFinished GoodsSales RevenueWork in ProcessFinished Goods	Finished Goods
	Accounts ReceivableCashCost of Goods SoldFinished GoodsSales RevenueWork in ProcessWork in Process		Work in Process
Sale of Job 87 (cost)	Accounts ReceivableCashCost of Goods SoldFinished GoodsSales RevenueWork in ProcessCost of Goods Sold	Cost of Goods Sold
	Accounts ReceivableCashCost of Goods SoldFinished GoodsSales RevenueWork in ProcessFinished Goods		Finished Goods
Sale of Job 87 (sale)	Accounts Receivable or CashCost of Goods SoldFinished GoodsSales RevenueWork in ProcessAccounts Receivable or Cash	Accounts Receivable or Cash
	Accounts Receivable or CashCost of Goods SoldFinished GoodsSales RevenueWork in ProcessSales Revenue		Sales Revenue

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	Job 86	Job 87	Job 88
Units in each order	250	210	270
Units sold		210
Materials requisitioned	$1,600	$1,218	$3,024
Direct labor hours	275	231	513
Direct labor cost	$4,125	$3,465	$4,207

Job Costs, Ending Work in Process During March, Estes Company worked on three jobs. Data...

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