Bramble Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. Materials purchased on account $197,600, and factory wages incurred $92,500. Materials requisitioned and factory labor used by job: 1. 2 Job Number A20 6 A21 General factory use A22 A23 B 2 Direct materials 1 Purchased raw materials 1. Incurred factory labor Materials Factory Labor $37,940 $18.100 44,220 37,200 41,470 3. Manufacturing overhead costs incurred on account $50,500. 4 Depreciation on factory equipment $16,650. 5 Manufacturing overhead rate is 87% of direct labor cost. Jobs completed during the quarter: A20, A21, and A23. 2. Indirect materials 2. Direct labor Record the operations summarized above. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2 Indirect labor $166,100 5,270 6. Completed jobs 3. Incurred overhead costs 4. Factory depreciation 5. Assigned overhead Job 24,100 16,300 $ 26,600 7,400 Direct Materials $92,500 Raw Materials Inventory Prepare a schedule showing the individual cost components and total cost for each job in item 6. $ Direct Labor Manufacturing Costs Factory Labor $ Manufacturing Overhead Manufacturing Overhead Total $ Work in Process Inventory Finished Goods Inventory $ Cost of Goods Sold
Bramble Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. Materials purchased on account $197,600, and factory wages incurred $92,500. Materials requisitioned and factory labor used by job: 1. 2 Job Number A20 6 A21 General factory use A22 A23 B 2 Direct materials 1 Purchased raw materials 1. Incurred factory labor Materials Factory Labor $37,940 $18.100 44,220 37,200 41,470 3. Manufacturing overhead costs incurred on account $50,500. 4 Depreciation on factory equipment $16,650. 5 Manufacturing overhead rate is 87% of direct labor cost. Jobs completed during the quarter: A20, A21, and A23. 2. Indirect materials 2. Direct labor Record the operations summarized above. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2 Indirect labor $166,100 5,270 6. Completed jobs 3. Incurred overhead costs 4. Factory depreciation 5. Assigned overhead Job 24,100 16,300 $ 26,600 7,400 Direct Materials $92,500 Raw Materials Inventory Prepare a schedule showing the individual cost components and total cost for each job in item 6. $ Direct Labor Manufacturing Costs Factory Labor $ Manufacturing Overhead Manufacturing Overhead Total $ Work in Process Inventory Finished Goods Inventory $ Cost of Goods Sold
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 1PA: Barnes Company uses a job order cost system. The following data summarize the operations related to...
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:Bramble Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production.
1 Materials purchased on account $197,600, and factory wages incurred $92,500.
Materials requisitioned and factory labor used by job:
2
Job Number
A23
General factory use
4.
A20
A21
5.
A22
6.
Materials Factory Labor
$37,940
$18,100
24,100
16,300
26,600
7.400
3. Manufacturing overhead costs incurred on account $50,500.
Depreciation on factory equipment $16,650.
Manufacturing overhead rate is 87% of direct labor cost.
Jobs completed during the quarter: A20, A21, and A23.
2. Direct materials
2. Indirect materials
2. Direct labor
44,220
2. Indirect labor
37,200
Record the operations summarized above. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
1. Purchased raw materials
1. Incurred factory labor
41,470
$166,100
6. Completed jobs
5,270
5. Assigned overhead
3. Incurred overhead costs
4. Factory depreciation.
$92,500
$
Direct Materials
Raw Materials Inventory
TUBA
$
Prepare a schedule showing the individual cost components and total cost for each job in item 6.
Job
Direct Labor
Manufacturing Costs
Factory Labor
$
Manufacturing Overhead
Manufacturing Overhead
Total
$
Work in Process Inventory
$
Finished Goods Inventory
$
Cost of Goods Sold
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