On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow: Job Number HC-34 HC-37 Direct Materials. $4,480 3,380 Direct Labor $ 1,880 6,080 The Materials Inventory account on April 1 totaled $8,180. Materials purchased during the month totaled $17,800. Indirect materials of $1,820 were issued from materials inventory. On April 1, finished goods inventory consisted of two jobs: HC-32, costing $7,060, and HC-35, with a cost of $3,880. 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 $5,180 in direct labor. The completion costs for Job HC-37 included $3,480 in direct materials and $10,780 in direct labor. Hartwell Contracting used a total of $9,180 of direct materials (excluding the $1,820 indirect materials) during the month and $25,880 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.

On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow: Job Number HC-34 HC-37 Direct Materials. $4,480 3,380 Direct Labor $ 1,880 6,080 The Materials Inventory account on April 1 totaled $8,180. Materials purchased during the month totaled $17,800. Indirect materials of $1,820 were issued from materials inventory. On April 1, finished goods inventory consisted of two jobs: HC-32, costing $7,060, and HC-35, with a cost of $3,880. 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 $5,180 in direct labor. The completion costs for Job HC-37 included $3,480 in direct materials and $10,780 in direct labor. Hartwell Contracting used a total of $9,180 of direct materials (excluding the $1,820 indirect materials) during the month and $25,880 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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