Job Costs At the end of April, Kaye Company had completed Jobs 50 and 51. Job 50

Question

Job Costs

At the end of April, Kaye Company had completed Jobs 50 and 51. Job 50 is for 500 units, and Job 51 is for 200 units.

The following data relate to these two jobs:

On April 20, raw materials were requisitioned for production as follows: 600 units for Job 50 at $10 per unit and 1,300 units for Job 51 at $14 per unit.

During April, Kaye Company accumulated 300 hours of direct labor costs on Job 50 and 500 hours on Job 51. The total direct labor was incurred at a rate of $12 per direct labor hour for Job 50 and $14 per direct labor hour for Job 51.

The predetermined factory overhead rate is $7.00 per direct labor hour.

a. Determine the balance on the job cost sheets for Jobs 50 and 51 at the end of April.

b. Determine the cost per unit for Jobs 50 and 51 at the end of April. Round all answers to the nearest whole cent.

$

Cost of Goods Sold

Lipton Company completed 140,000 units during the year at a cost of $1,540,000. The beginning finished goods inventory was 14,000 units at $105,000. Determine the cost of goods sold for 90,000 units, assuming a FIFO cost flow.
$

Job 50 $ Job 51 $

Explanation / Answer

Information as given in question is as follows:

Information required is calculated as under:

Job 50 500 units Job 51 200 units RM DL FO Apr-20 RM Job 50 600 units $10 300 hours $12 $7 per DLH Job 51 1300 units $14 500 hours $14 $7 per DLH

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