OB COSTS, ENDING WORK IN PROCESS During March, Molson Company worked on three jobs. Data relating to these three jobs follow:

Job 62		Job 63	Job 64
Units in each order	110	200	165
Units sold	—	200	—
Materials requisitioned	$560	$740	$1,600
Direct labor hours	260	300	500
Direct labor cost	$3,120	$3,600	$6,000

Overhead is assigned on the basis of direct labor hours at a rate of $7 per direct labor hour. During March, Jobs 62 and 63 were completed and transferred to finished goods inventory. Job 63 was sold by the end of the month. Job 64 was the only unfinished job at the end of the month.

Required:

1. Calculate the per-unit cost of Jobs 62 and 63.

2. Compute the ending balance in the work-in-process inventory account.

3. Prepare the journal entries reflecting the completion of Jobs 62 and 63 and the sale of Job 63. The selling price is 140 percent of cost.

 

 

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