The Records of Jordan Company Reflect the Following Data

question 10

Essay

The records of Jordan Company reflect the following data:
Work in process,beginning of the month - 4,500 units;30% completed at a cost of $16,700 for materials,$7,600 for labor,and $10,400 for overhead.
Production costs for the month - materials - $54,300 labor;- $25,400;overhead - $34,600
Units completed and transferred to finished goods - 18,000
Work in process,end of month - 5,000 units;40% completed
Calculate the unit cost for the month for materials,labor and factory overhead.

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Definitions:

Measurement Principle

An accounting principle that determines the specific basis on which economic events are recognized and quantified.

Monetary Unit Assumption

An accounting principle that assumes transactions and events can be expressed in stable units of money, facilitating their comparison and measurement.

Property Tax

Property tax is a levy on property that the owner is required to pay to the government in which the property is situated.

Selling Price

The amount for which a product or service is sold to customers, determining the revenue generated from sales.