80.2K

Verified Solution

Link Copied!

P5-56A Prepare a job cost record (Learning Objectives 2, 3, \& 5) Geolander manufactures tires for all-terrain vehicles, Geolander uses job costing and has a perpetual inventory system. On September 22, Geolander received an order for 100 TX tires from ATV Corporation at a price of $55 each. The job, assigned number 298 , was promised for October 10 . After purchasing the materials, Geolander began production on September 30 and incurred the following direct labour and direct materials costs in completing the order: Geolander allocates manufacturing overhead to jobs on the basis of the relation between expected overhead costs ($540,000) and expected direct labour hours (20,000). Job 298 was completed on October 3 and shipped to ATV on October 5. Requirements 1. Prepare a job cost record for Job 298 similar to Exhibit 5-7. 2. Calculate the total profit and the per-unit profit for Job 298. P5-56A Prepare a job cost record (Learning Objectives 2, 3, \& 5) Geolander manufactures tires for all-terrain vehicles, Geolander uses job costing and has a perpetual inventory system. On September 22, Geolander received an order for 100 TX tires from ATV Corporation at a price of $55 each. The job, assigned number 298 , was promised for October 10 . After purchasing the materials, Geolander began production on September 30 and incurred the following direct labour and direct materials costs in completing the order: Geolander allocates manufacturing overhead to jobs on the basis of the relation between expected overhead costs ($540,000) and expected direct labour hours (20,000). Job 298 was completed on October 3 and shipped to ATV on October 5. Requirements 1. Prepare a job cost record for Job 298 similar to Exhibit 5-7. 2. Calculate the total profit and the per-unit profit for Job 298

Answer & Explanation Solved by verified expert

See Answer