Business, 20.04.2020 23:52 g0606997

Larry’s Lawn Services provides custom landscaping for homes and businesses and uses job order costing to capture the cost of its landscaping jobs. There are no jobs in process at the beginning of May. Listed below are data concerning the three landscaping jobs conducted during May.

Southside Oceanview Rocky Heights
Direct materials $5,450 $7,635 $6,480
Landscaper labor costs $4,810 $5,980 $5,525
Landscaper hours 74 92 85

Overhead costs are applied to jobs on the basis of landscaper hours, and the predetermined overhead rate is $60 per landscaper hour. The Southside job is the only incomplete job at the end of May. Actual overhead for the month was $15,400.

Instructions
(a) Determine the cost of each job.
(b) Indicate the balance of the Landscape Contracts in Process account at the end of May.

Answers: 1

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Answers

Answer from: bskyeb14579

a. Cost for each job

Southside $ 14,700

Oceanview $ 19,135

Rocky Heights $ 17,105

b. Contracts in process end of May is only Southside with a in process value of $ 14,700

Explanation:

Computation of cost per job

Southside Oceanview Rocky Heights Total

$ $ $ $

Direct Materials 5,450 7,635 6,480 19,565

Direct labor costs 4,810 5,980 5,525 16,315

Overhead costs 4,440 5,520 5,100 15,060

Total cost for each job 14,700 19,135 17,105

Direct labor hours per job are used to determine the overheads

No of hours 74 92 85

Predetermined Rate $ 60 $ 60 $ 60

Overhead costs $ 4,440 $ 5,520 $ 5,100

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

Answer from: Quest

the answerr would be 1

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