Consider the following independent jobs. Overhead is applied in Department 1 at the rate of $6 per direct labor hour. Overhead is applied in Department 2 at the rate of $8 per machine hour. Direct labor wages average $10 per hour in each department. Required: Fill in the missing data for each job. If an amount box does not require an entry, leave it blank or enter zero ("0"). If required, round your answers to two decimal places. Job 213 Job 214 Job 217 Job 225 Total sales revenue $fill in the blank 1 $4,375 $5,600 $1,150 Price per unit $12 $fill in the blank 2 $14 $5 Materials used in production $365 $fill in the blank 3 $488 $207 Department 1, direct labor cost $fill in the blank 4 $700 $2,000 $230 Department 1, machine hours 15 35 50 12 Department 2, direct labor cost $50 $100 $fill in the blank 5 $0 Department 2, machine hours 25 50 fill in the blank 6 fill in the blank 7 Department 1, overhead applied $90 $fill in the blank 8 $1,200 $138 Department 2, overhead applied $fill in the blank 9 $400 $160 $0 Total manufacturing cost $855 $3,073 $fill in the blank 10 $575 Number of units fill in the blank 11 350 400 fill in the blank 12 Unit cost $8.55 $fill in the blank 13 $9.87 $fill in the blank 14
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.
Cost Flows
Consider the following independent jobs.
Required:
Fill in the missing data for each job. If an amount box does not require an entry, leave it blank or enter zero ("0"). If required, round your answers to two decimal places.
| Job 213 | Job 214 | Job 217 | Job 225 | |
| Total sales revenue | $fill in the blank 1 | $4,375 | $5,600 | $1,150 |
| Price per unit | $12 | $fill in the blank 2 | $14 | $5 |
| Materials used in production | $365 | $fill in the blank 3 | $488 | $207 |
| Department 1, direct labor cost | $fill in the blank 4 | $700 | $2,000 | $230 |
| Department 1, machine hours | 15 | 35 | 50 | 12 |
| Department 2, direct labor cost | $50 | $100 | $fill in the blank 5 | $0 |
| Department 2, machine hours | 25 | 50 | fill in the blank 6 | fill in the blank 7 |
| Department 1, overhead applied | $90 | $fill in the blank 8 | $1,200 | $138 |
| Department 2, overhead applied | $fill in the blank 9 | $400 | $160 | $0 |
| Total |
$855 | $3,073 | $fill in the blank 10 | $575 |
| Number of units | fill in the blank 11 | 350 | 400 | fill in the blank 12 |
| Unit cost | $8.55 | $fill in the blank 13 | $9.87 | $fill in the blank 14 |
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
