The Speedy Car Repair Shop recently incurred the following costs on a clutch repair job: Parts $245.00 Labor 6 hours @ $17.50 & 0.5 hours at $6.00 A. What is the total cost of this job? B. What characteristics of this firm’s products suggest that job-order costing is appropriate?
Prepare the Fast Track Sports Company’s Income Statement and Balance Sheet for its first accounting period under the accrual basis of accounting. Assume that the company is not subject to federal, state, or local income tax.