# Problem 2-4. job cost sheets and inventory accounts [lo 3, 6] renton

PROBLEM 2-4. Job Cost Sheets and Inventory Accounts [LO 36] Renton Custom Windows produces custom windows for business and residential customers who supply Renton with architectural specifications.

At the start of 2011, three jobs were in process:

 Cost incurred as of 1/1/2011 Job 258 \$4,500 Job 259 5,500 Job 260 3,000

Also at the start of 2011, one job was completed and awaiting shipment:

 Cost incurred as of 1/1/2011 Job 257 \$8,500

During 2011, the company incurred the following costs:

 Direct material \$  700,000 Direct labor 1,600,000 Manufacturing overhead 2,100,000

At the end of 2011, two jobs were in process:

 Cost incurred as of 12/31/2011 Job 345 \$2,100 Job 346 5,200

In addition, four jobs were completed and awaiting shipment:

 Cost incurred as of 12/31/2011 Job 341 \$1,200 Job 342 3,100 Job 343 2,400 Job 344 4,500

Required

PROBLEM 3-2. Comprehensive Problem, One Department [LO 3, 4] Marquita Filters produces an air filter for use in jet aircraft. Parts are added at several points in the production process. In August, production began with 500 filters in Work in Process, 80 percent complete as to materials and 70 percent complete as to labor and overhead. During the month, an additional 2,700 units were started into production. Six hundred filters were in Work in Process at the end of the month, and they were 70 percent complete as to materials and 60 percent complete as to labor and overhead.

 Cost Information for August Beginning Work in Process Inventory Cost Added in August Direct material \$  45,000 \$269,080 Direct labor 11,000 77,800 Manufacturing overhead 80,000 497,200 Total \$136,000 \$844,080

Required

·         a. Calculate the cost per equivalent unit for each of the three cost items and in total.

·         b. Calculate the cost of items completed in August and the cost of ending Work in Process inventory.

·         c. Reconcile the sum of the two costs in part b to the sum of beginning Work in Process and costs added in August.

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