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On September 1, two jobs were in process...
This question was answered on Feb 09, 2012. View the Answer
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 $ 1,004 $ 362
PP-30 625 1,760

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Materials Inventory on September 1 totaled $5,460, and $724 worth of materials was purchased during the month. Indirect materials of $99 were withdrawn from materials inventory. On September 1, finished goods inventory consisted of two jobs, PP-12, costing $2,334, and PP-14, with a cost of $924. 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 $1,440 in direct labor. The completion costs for Job PP-30 included $664 in direct materials and $4,300 in direct labor.

Pete’s Patios used a total of $1,894 of direct materials (excluding the $99 indirect materials) during the period, and total direct labor costs during the month amounted to $8,090. 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. (Omit the "$" sign in your response.)

Cost to complete job PP-24 $
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Accounting-7895918.xls

QUESTION:
On September 1, two jobs were in process at Petes Patios. Details of the jobs follow:
Job Number Direct Materials Direct Labor
PP-24 $ 1,004 $ 362
PP-30 625 1,760
Materials Inventory on...

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