Business, 26.02.2020 00:21 carrietaylor234
Arizona Desert Homes (ADH) constructed a new subdivision during 2017 and 2018 under contract with Cactus Development Co. Relevant data are summarized below:
Contract amount $ 3,000,000
Cost: 2017 1,200,000
2018 600,000
Gross profit: 2017 800,000
2018 400,000
Contract billings: 2017 1,500,000
2018 1,500,000
ADH recognizes revenue upon completion of the contract.
What is the journal entry in 2018 to record revenue?
(A)
Cost of construction 2,000,000
Gross profit 1,000,000
Revenue from long-term contracts 3,000,000
(B)
Construction in progress 1,200,000
Cost of construction 1,800,000
Revenue from long-term contracts
3,000,000
(C)
Construction in progress 400,000
Cost of construction 600,000
Revenue from long-term contracts 1,000,000
(D)
Accounts receivable 1,500,000
Revenue from long-term contracts 1,500,000
Answers: 3
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Direct materials (4.2 x $15) $ 63direct labor ($12 x 17.5) $210manufacturing overhead ($2.40 x 17.5) $42total job cost $ 315dougan, inc. allocates overhead based on a predetermined overhead rate of $2.40 per direct labor hour. employees are paid $12.00 per hour. job 24 requires 4.2 pounds of direct materials at a cost of $15.00 per pound. employees worked a total of 17.5 hours to complete the job. actual manufacturing overhead costs totaled $80,000 for the year for the company. how much is the cost of job 24?
Answers: 1
Arizona Desert Homes (ADH) constructed a new subdivision during 2017 and 2018 under contract with Ca...
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