Business, 17.06.2020 20:57 anonymousanon

Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,750
Job 94 with a beginning balance of $7,300.
Jagjit applies overhead at the rate of $8 per direct labor hour.
Direct labor wages average $18 per hour.
Data on August costs for all jobs are as follows:
Job 93 Job 94 Job 95 Job 96
Direct materials $950 $4,500 $3,300 $1,300
Direct labor cost 2,160 5,400 2,610 900
During August, Jobs 95 and 96 were started.
Job 93 was completed on August 17 and the client was billed at cost plus 40%.
All other jobs remained in process.
Required:
1. Calculate the number of direct labor hours that were worked on each job in August.
2. Calculate the overhead applied to each job during the month of August.
3. Prepare job-order cost sheets for each job as of the end of August.
4. Calculate the balance in Work in Process on August 31.
5. What is the price of Job 93?

Answers: 2

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Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were...