Jagit Company designs and builds retaining walls for individual customers. On Au
ID: 2411321 • Letter: J
Question
Jagit 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 $8,810, and Job 94 with a beginning balance of $7,330. Jagjit applies overhead at the rate of $10 per direct labor hour. Direct labor wages average S18 per hour. Data on August costs for all jobs are as follows: Job 93 Job 94 Job 95 Job 96 Direct materials S920 $4,540 $3,340 $1,290 Direct labor cost 2,160 5,940 2,160 1,080 Dunng August Jobs 95 and 96 were started Job 93 was completed on August 17, and the client was billed at cost lus 40% All other obse ained pri cess Required: . 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? 6. CONCEPTUAL CONNECTION: Partway through the year, Jagjit bought a bulldozer to handle larger jobs. The buldozer cost $35,100 and is needed for larger commercial jobs. Smaller residential jobs can stil be done with the smaller bobcat tractor. How could the bulldozers cost be applied to only those jobs that need the larger equipment?Explanation / Answer
Solution 1:
Solution 2:
Solution 3:
Solution 4:
Balance in Work in Process on August 31 = $21,110 + $6,700 + $2,970 = $30,780
Solution 5:
Price of Job 93 = Cost of Job 93 + 40%
= $13,090 * 140% = $18,326
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Computation of Direct labor hours worked on each job in August Particulars Job 93 Job 94 Job 95 Job 96 Direct labor cost $2,160.00 $5,940.00 $2,160.00 $1,080.00 Direct labor rate per hour $18.00 $18.00 $18.00 $18.00 Direct labor hours worked 120 330 120 60Related Questions
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