Cycle Gear Corporation has Incurred the following costs on job W456, an order for 20 special sprockets to be dellvered at the end of next month: Direct materlals: •On April 10, requisitIon number 15673 was Issued for 40 titanlum blanks to be used in the special order. The blanks cost $20 each. On April 11, requisition number 15678 was Issued for 420 hardened nibs also to be used in the special order. The nibs cost $1.75 each. Direct labour: •On April 18, Melissa Chan worked from 8:15 a.m. until 11:30 a.m. on job W456. She is pald $13.20 per hour. Required: 1. On what documents would these costs be recorded? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) |Purchase requisition form of the Cycle Gear Corporation. The time ticket for Melsa Cnan. The two materials requistmon forms pertalning to Job w456. V The time ticket for Jamie Unser. V The Job cost sneet for JoD W456. Materiais return note from the Inventory department.
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.
![2 How much cost should have been recorded on each of the documents for Job W456? (Round your answers to 2 decimal places.)
Materials requisition form (#15673):
Quantity
Unit Cost
Total Cost
Blanks
Materials requisition form (#15678):
Quantity
Unit Cost
Total Cost
Nibs
Time ticket for Jamie Unser:
Time
Job
Started
Ended
Rate
Amount
Consumed
Number
11:00 AM
2:45 PM
W456
Time ticket for Melissa Chan:
Time
Job
Number
Started
Ended
Rate
Amount
Consumed
8:15 AM
11:30 AM
W456](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F27cb37ee-e2ba-46e2-8db7-8266e3baf6ae%2F92fdb74a-044c-4ac7-b76b-6fadcbeb45bd%2Fqrey8p_processed.jpeg&w=3840&q=75)
![Cycle Gear Corporation has Incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end of
next month:
Direct materials:
• On April 10, requisition number 15673 was Issued for 40 titanlum blanks to be used in the special order. The blanks cost $20 each.
On April 11, requisition number 15678 was Issued for 420 hardened nibs also to be used In the special order. The nibs cost $1.75
each.
Direct labour:
• On April 12, Jamle Unser worked from 1:00 a.m. until 2:45 p.m. on job W456. He is pald $12.60 per hour.
• On April 18, Mellssa Chan worked from 8:15 a.m. until 1130 a.m. on job W456. She is pald $13.20 per hour.
Required:
1. On what documents would these costs be recorded? (You may select more than one answer. Single click the box with the
question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for
a wrong answer.)
Purchase requisition form of the Cycle Gear Corporatilon.
The time ticket for Mellssa Chan.
The two materials requisition forms pertalning to Job W456.
The time ticket for Jamle Unser.
The job cost sneet for JoD W456.
Materlais return note from the Inventory department.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F27cb37ee-e2ba-46e2-8db7-8266e3baf6ae%2F92fdb74a-044c-4ac7-b76b-6fadcbeb45bd%2Fturpbvr_processed.jpeg&w=3840&q=75)
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