Cost Accounting and Comparison
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Book used Cost Management: Strategies for Business Decisions 3rd Ed. by Hilton.
Problem 3.57 ~ Job Costs in a Service Company
ON June 1, two jobs were in process at Top Notch Painters, Inc. Details of the jobs follow:
Job No. Direct Material Direct Labor
P-20 $174 $64
P-43 32 84
Material inventory (For example, paint and sandpaper) on June 1 totaled $920, and $116 in material was purchased during the month. Indirect material of $16 was withdrawn from material inventory. On June 1, finished-goods inventory consisted of two jobs: P-12, costing $392, and P-26, costing $158. Both jobs were transferred to Cost of Goods Sold during the month.
Also during June, jobes P-20 and P-43 were completed. To complete jobe P-20 required and additional $68 in direct labor. The completion costs for job P-43 included $108 in direct material and $200 in direct labor.
Job P-45 was started during the period but was not finished. A total of $314 of direct material was used (excluding the $16 indirect material) during the period, and total direct-labor costs during the month amounted to $408. Manufacturing overhead has been estimated at 150 percent of direct labor costs, and this relationship has been the same for the past few years.
Required:
Compare the costs of jobes P-20 and P-43 and compute the 6/1 balance in each account, post June events, and calculate the 6/30 ending balances.
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Solution Summary
This solution shows step-by-step calculations to calculate and compare the costs of P-20 and P-43. It also calculates the 6/1 balance in each account, post June events and 6/30 ending balances.
Education
- BA, Ain Shams University, Cairo Egypt
- MBA, California State University, Sacramento
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