FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow:
Job
Number
HC-34
HC-37
Direct
Materials
$ 4,400
3,300
Direct
Labor
$ 1,800
6,000
01:06:15
eBook
The Materials Inventory account on April 1 totaled $8,100. Materials purchased during the month totaled
$17,600. Indirect materials of $1,740 were issued from materials inventory. On April 1, finished goods inventory
consisted of two jobs: HC-32, costing $6,980, and HC-35, with a cost of $3,800. Costs for both jobs were
transferred to Cost of Services Billed during the month.
Also during April, Jobs HC-34 and HC-37 were completed. Completing Job HC-34 required an additional
$5,100 in direct labor. The completion costs for Job HC-37 included $3,400 in direct materials and $10,700 in
direct labor.
Hartwell Contracting used a total of $9,100 of direct materials (excluding the $1,740 indirect materials) during
the month and $25,800 in total direct labor costs. Overhead has been estimated at 75 percent of direct labor
costs, and this relation has been the same for the past few years.
Required:
Compute the costs of Jobs HC-34 and HC-37 and the balances in the April 30 inventory accounts.
Cost to complete HC-34
Cost to complete HC-37
Balance of Materials Inventory as of April 30
Balance of Work-in-Process Inventory as of April 30
Balance of Finished Goods Inventory as of April 30
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Transcribed Image Text:7 On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow: Job Number HC-34 HC-37 Direct Materials $ 4,400 3,300 Direct Labor $ 1,800 6,000 01:06:15 eBook The Materials Inventory account on April 1 totaled $8,100. Materials purchased during the month totaled $17,600. Indirect materials of $1,740 were issued from materials inventory. On April 1, finished goods inventory consisted of two jobs: HC-32, costing $6,980, and HC-35, with a cost of $3,800. Costs for both jobs were transferred to Cost of Services Billed during the month. Also during April, Jobs HC-34 and HC-37 were completed. Completing Job HC-34 required an additional $5,100 in direct labor. The completion costs for Job HC-37 included $3,400 in direct materials and $10,700 in direct labor. Hartwell Contracting used a total of $9,100 of direct materials (excluding the $1,740 indirect materials) during the month and $25,800 in total direct labor costs. Overhead has been estimated at 75 percent of direct labor costs, and this relation has been the same for the past few years. Required: Compute the costs of Jobs HC-34 and HC-37 and the balances in the April 30 inventory accounts. Cost to complete HC-34 Cost to complete HC-37 Balance of Materials Inventory as of April 30 Balance of Work-in-Process Inventory as of April 30 Balance of Finished Goods Inventory as of April 30
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