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katovenus [111]
3 years ago
6

A weekly time ticket for Joyce Caldwell follows: Direct Labor Time Ticket Dates: Monday 8/13 − Friday 8/17, 2018 Ticket Number:

TT 338 Employee: Joyce Caldwell Date Time Started Time Ended Total Hours Job Number 8/12/2018 7:00 AM 3:00 PM 8 hours Job 271 8/13/2018 7:00 AM 3:00 PM 8 hours Job 271 8/14/2018 7:00 AM 3:00 PM 8 hours Job 272 8/15/2018 7:00 AM 11:00 AM 4 hours Job 272 8/15/2018 12:00 PM 4:00 PM 4 hours Maintenance 8/16/2018 7:00 AM 3:00 PM 8 hours Job 273 Weekly Totals 40 hours Hourly Labor Rate × $31 Total Wages Earned $1,240 Required: 1. Determine how much of the $1,240 that Joyce earned during this week would be charged to Job 271, Job 272, and Job 273.
Business
1 answer:
dusya [7]3 years ago
7 0

Answer:

Wages  for Job 271= 16* 31= $ 496

Wages  for Job 272= 8 *31= $ 248

Wages  for Job 273= 31*16= $ 496

Explanation:

Job 271, 8+8= 16 hours

Wages  for Job 271= 16* 31= $ 496

Job 272, 4+ 4= 8 hours

Wages  for Job 272= 8 *31= $ 248

Job 273 Weekly =40 - 16- 8= 16 hours

Wages  for Job 273= 31*16= $ 496

Working:

                                      Direct Labor Time Ticket

Dates:

Monday 8/13 −

Friday 8/17, 2018

Ticket Number: TT 338                                 Employee: Joyce Caldwell

                      Date           Time Started           Time Ended        Total Hours

Job Number  8/12/2018      7:00 AM               3:00 PM                   8 hours

Job 271        8/13/2018           7:00 AM             3:00 PM                8 hours

Job 271          8/14/2018        7:00 AM               3:00 PM                8 hours

Job 272            8/15/2018     7:00 AM               11:00 AM               4 hours

Job 272           8/15/2018        12:00 PM            4:00 PM            4 hours

Maintenance 8/16/2018         7:00 AM             3:00 PM            8 hours

Job 273

Weekly Totals 40 hours

Hourly Labor Rate × $31 Total Wages Earned $1,240

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Answer:

FIFO

cost of the ending inventory = $15,680

cost of goods sold  = $39,570

LIFO

cost of the ending inventory  = $10,290

cost of goods sold  = $44,960

Average Cost Method

cost of the ending inventory = $13,883.37

cost of goods sold  = $41,336.76

Explanation:

The cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost are calculated as follows :

Step 1 : Determine the Number of units sold

Number of units sold = Total units available for sale - Ending units

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Step 2 : Determine the Number of units in inventory

Number of units in inventory = 98 units (given)

Step 3 : Use the appropriate principles to calculate required values

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cost of the ending inventory = 98 x $160 = $15,680

cost of goods sold = 130 units x $105 + 162 units x $160 = $39,570

<u>LIFO</u>

cost of the ending inventory = 98 x $105 = $10,290

cost of goods sold = 260 units x $160 + 32 units x $105 = $44,960

<u>Average Cost Method</u>

Unit Cost = ($13,650 + $41,600) ÷ 390 units = $141.667

therefore,

cost of the ending inventory = 98 x $141.667 = $13,883.37

cost of goods sold = 292 units x $141.667 = $41,336.76

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