For each job, complete the job cost worksheet with the following information: Jo
ID: 2536487 • Letter: F
Question
For each job, complete the job cost worksheet with the following information:
Job P
Our customer ordered 38 windows for us to install. The following is the information and documentation related to the direct materials and direct labor costs for the job:
Material requisition #1006 for $6,500 of direct materials
Labor sheet #2795 for 1,350 direct labor hours
Material requisition #1008 for $7,500 of direct materials
Labor sheet #2802 for 520 direct labor hours
Job Q
Our customer ordered 23 windows for us to install. The following is the information and documentation related to the direct materials and direct labor costs for the job:
Materials requisition #999 for $3,500 of direct materials
Labor sheet #2681 for 485 direct labor hours
Materials requisition #1007 for $4,500 of direct materials
Labor sheet #2796 for 249 direct labor hours
Manufacturing overhead is applied based on direct labor hours. You will need to calculate the predetermined overhead rate based on the estimates provided on the cost flow diagram.
For both jobs, find the following costs:
Total direct materials
Total direct labor
Total manufacturing overhead applied
Total job cost
Average unit cost
For each job, what should the price be to generate a 60% markup on cost?
For the Cost Flow Diagram: Complete the cost flows through the diagram for both jobs. Create the journal entries for each of the cost flows from both jobs all the way through the sale.
Is the remaining amount of Manufacturing Overhead underapplied or overapplied? Create the entry to close Manufacturing Overhead.
Explanation / Answer
The direct labor rate and the manufacturing overhead rates are not provided to arrive at the selling price for the products.
Job Cost Sheet Job No. P Date initiated Department Date Completed Item Windows Units completed 38 For stock Direct Material Direct Labor Manufacturing Overhead Req.No. Amount Ticket Hours Amount Hours Rate Amount #1006 6500 #2795 2350 2870 #1008 7500 #2802 520 14000 2870 0 0 Cost Summary Direct Materials 14000 Direct Labor 0 Manufacturing Overheads 0 Total Cost 14000 Unit product cost 368.4211 Job Cost Sheet Job No. Q Date initiated Department Date Completed Item Windows Units completed 23 For stock Direct Material Direct Labor Manufacturing Overhead Req.No. Amount Ticket Hours Amount Hours Rate Amount #999 3500 #2681 485 734 #1007 4500 #2796 249 8000 734 0 0 Cost Summary Direct Materials 8000 Direct Labor 0 Manufacturing Overheads 0 Total Cost 8000 Unit product cost 347.8261Related Questions
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