Job order costing (s.1) Job costing (5.1) Job (1) Job order cost sheet or aterials requisitions ( factory overhead analysis sheet (5. tnbor thme tickets (s.s) = () srecend allocation base or base (5) predetermined Fate (58) applied overhead (5.8) Cost sheet (8.1) (S-4) Ip ion Questions 251 Wits beet uid that wr seul roduc coct does yo xia, io he sense of absolute authen: ticity and verifiability, Why? Q5-2 What is the primary objectiven job onder costing? Q5-3_ What is the fationale supp product costing purposes? ing the use of process costing instead of job order costing for QS-4 Describe the ues of « job urder cont sheet 5-5 _ What is the function ofthe work in process account in job order costing? Q5-6 How is control over prime costs achieved in job order costing? Q5-7 Distinguish between actual and applied factory overhead. tic of «service business 5-8 Some service businesses we job order costing, What characteristic of ‘makes it likely that job order costing will be used ich reaord the ES-1 Simple Job Order Cast Sheet. Review this chapter's journal entries, which resord t January activity of Rayburn Company. Required: Prepare a brief cost sheet lor the completed Job 5575, whic the 2 Simple Job Order Cost Sheet. Review this chapter's journal eniries, which record ry January activity of Raybum Company. jo date on the incomplete sheet showing the costs incurred Required: Prepare a brief cost Job 5576.gk Other data z «) Materia wed, $395 >) Total manafectay labor, and factory Ceca Be! 2 job doting the year 3 cae read spk 2% ting te yer (ncn mater ot ch eae eee ca Se LC fit iar con 586 2) Macketing = re expenses, $25 Requiced Comput is Soldonin (1) Cost of materials = (2) Direct oe cmt aepe (3) Cod of goods manta (d) Cost of goods sald CMA state £56 Manufacturing Costs. Davison Company is to submit bid onthe production of 11.280 amie placa ecm ta cat of ais wil be S500 nd i ont direct labor will be $15,000. Factory overhead is spplied at $2.70 per direct 'abor hour in the Molding Department and at 35% of the rect labor cost in the Decorating Depart It is estimated that. 1,000 direct labor hours, st a cost of $9,000, will be required in Molding. The company wants a markup of 35% of its ttl production com Required: Determine the following: (1) Estimated cat to produce ES-7 Job Order Cost Sheet. Kemp Machine Works collec production cost 8 °Y job sot cost sccumnsation, For 4b 909, the following dat are nal: : Direct Materats Direct Labor “ G4 issued, $800 ‘Week of Sept. 20, 90 hs. @ $5200. 9720 issued, 331 ‘Weak of Sept. 26, 708. | 30 9722 eued, 200 Fectry vend i plied a the rae of $0 fer mectne PO ‘Teo machine hours were used on Job 909 on 20, meyer eg Enter the appropriate tnformation on 2 jb order cost seek ud _ (0 te ee ot smn tm SS sy mackie equal to 65% of production 2stass a i 8 ts mate atthe Westwood COMPANY,* Prete general ural entries, omitng stsiiary dea to record the fo (1) The costs of Job 121 (2) The transfer of 0b 121 to the finshed goods stockroom (Costs; Two Derartmen'.. i ist month, Centerville Compa me Ce ‘month, Cenerville Company put S6OROD Of sestaTGS Se Bakshi Tie Grinding Department vod 8,000 dee tana, vars at a cost of $5.0 rer hour, and the Machining Department used 4,600 direct labor ‘ious at a Cost of $6 per hour. Factory overhead is the Grinding Department ard $8 per labor hour in the Machinine Psy... ent. Invenio accounts had the following heginning wis cuding balances Beginning Encing ‘$22.00 $17,000 18000 “17.800 19000 18000 Required: Without preparing a formal income statement, compuie the following (1) Total cost of work put into process (2) Cost of completed jobs 2) Cost of jobs sold (4) Conversion cost (3) Cost of materials purchased ‘Manufacturing Costs. Boothe Company uses job order cost accumulation and applies ‘overhead based on direct labor hours. Any underapplied or overapplicd overhead is adjusted directly to Cost af Goods Sold ai the end of each month. On April I, jab cost sheets indicated the following: Mate PAI. sne ne REET cae oanern Reem recncein inprocess FO SUB nis lich had the follow. (n Api 30, Finisbed Gods coined ony hs 28 an 27, ws ingotsPeat My ost 6 SL = 30,00) BMialune hours used - $00 Rou xte = 2 to a FG eg ae —— he fe Ficiqnt . = BG) Mela heer Patohar : Bo cen - i> 1¢ $0 Nelesed vere Al Bien. > Mabut -» MAied wed nm de ie) WIP od decewbox OM = 2.4042 1@0 4L= DoH Necbine hive 22 how 2208) Bayi? = booCoG, sae ee Cosh mM SWo;00c %, 000 Beals aM eS $000 Sa dlne FOK = GoX 10C 1 00° Bo). =Dy cocary vest aa (enc) me coc. 12 ae ay boo ay» 23) afr> 200 | | U3] | 1064 aco | i Soles ice > Tote! fs * an) OL Foul Hoole cst Bol ts Mak up (20004) ase Gaps Pac = BYsso