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Rossiter, Inc., designs and builds projects for individual customers. On August 1, there were two jobs in process: Job #614 with a beginning balance of $10,200; and Job 615 with a beginning balance of $9,670. Rossiter applies overhead at the rate of 60 percent of direct labor cost.
During August, Jobs #616 and #617 were started. Data on August costs for all jobs are as follows: Job #614 Job #615 Job #616 Job #617
DM
$4,200
$9500
$1,000
$3,150
DL
1,800
4,000
150
800
Job #615 was completed on August 22, and the client was billed at cost plus 40 per- cent. All other jobs remained in process.
Required
1. Prepare job-order cost sheets for each job as of the end of August.
2. Calculate the balance in Work in Process on August 31.
3. What is the price of Job #614?
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