Business, 08.04.2020 02:33 staz13wiggins

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 Indirect materials of $192 were withdrawn from materials inventory.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

needs help due at 11 tonight

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Problem 7-45 Job Costs in a Service Company (LO 7-4)

On September 1, two jobs were in pro...

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