FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 Indirect materials of $192 were withdrawn from materials inventory.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.
Required:
Compute the costs of Jobs PP-24 and PP-30 and the balances in the September 30 inventory accounts.
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