ID: A Figure 5-5. Schultz Lawnmower Company makes custom lawnmowers for individu
ID: 2574143 • Letter: I
Question
ID: A Figure 5-5. Schultz Lawnmower Company makes custom lawnmowers for individual customers. On July 1, there was one job in process, Job 757, with a cost of $45,650. Jobs 758, 759, and 760 were started during the month of July. Data on costs added during the month are as follows: Job 759 $2,520 $3,760 Direct Materials Job 760 S 7,870 $11,360 $12,500 $ 6,740 5,880 $10,280 Direct Labor lied to production at the rate of 85% of direct labor cost. Job 760 was completed on July 26 Overhead is app and the client was billed at cost plus 45%. All otherjobs remained in process. -32. Refer to Figure 5-5. Calculate the balance in Work-in-Process on July 31, a. $106,570 b. $88,340 c. $104,262 d. $133,148 e $87,498Explanation / Answer
Job 757 Job 758 Job 759 Total Beginning costs 45650 Direct materials 12500 6740 2520 Direct labor 5880 10280 3760 Overhead 4998 8738 3196 Total 69028 25758 9476 104262 Option C is correct