Problem 7-45 Job Costs in a Service Company (LO 7-4)
On September 1, two jobs were in pr...
Problem 7-45 Job Costs in a Service Company (LO 7-4)
On September 1, two jobs were in process at Pete’s Patios. Details of the jobs follow:
Job Number Direct Materials Direct Labor
PP-24 $ 2,038 $ 768
PP-30 1,280 3,360
Materials Inventory on September 1 totaled $11,040, and $1,392 worth of materials was purchased during
the month. Indirect materials of $192 were withdrawn from materials inventory.
On September 1, finished goods inventory consisted of two jobs, PP-12, costing $4,704, and PP-14, with a cost of $1,896. Costs for both jobs were transferred to Cost of Services Billed during the month.
Also during September, Jobs PP-24 and PP-30 were completed. Completing Job PP-24 required an additional $2,720 in direct labor. The completion costs for Job PP-30 included $1,296 in direct materials and $8,000 in direct labor.
Pete’s Patios used a total of $3,768 of direct materials (excluding the $192 indirect materials) during the period, and total direct labor costs during the month amounted to $16,320. Overhead has been estimated at 50 percent of direct labor costs, and this relation has been the same for the past few years.
Required:
Compute the costs to complete Jobs PP-24 and PP-30 and the balances in the September 30 inventory accounts.
Cost to complete PP-24
Cost to complete PP-30
Balance of Material Inventory as of Sept 30
Balance of WIP as of Sept 30
Balance of Finished Goods Inventory as of Sept 30
Answers: 2
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