Direct MaterialsDirect LabourAmountRequisition Number15673NameHoursAmountUnser15678Chan0.000.00 Cycle Gear Corporation has Incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end ofnext 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 $1.75each.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 thequestion mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box fora 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.

Name: Direct MaterialsDirect LabourAmountRequisition Number15673NameHoursAm
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Description: Direct MaterialsDirect LabourAmountRequisition Number15673NameHoursAmountUnser15678Chan0.000.00 Cycle Gear Corporation has Incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end ofnext month:Direct mat

In job costing, whenever material is required to complete specific job, it is withdrawn form the…

Business

Accounting

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 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 12, Jamle Unser worked from 11:00 a.m. until 2:45 p.m. on Job W456. He Is pald $12.60 per hour. •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 requistion form of the Cycie Gear Corporation. |The time ticket for Mellssa Chan. The two materiais requismion torms pertaining to JOD W456. The time ticket for Jamie Unser. The job cost sneet for JoD W456. Materlais return note from the Inventory department.

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 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 12, Jamle Unser worked from 11:00 a.m. until 2:45 p.m. on Job W456. He Is pald $12.60 per hour. •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 requistion form of the Cycie Gear Corporation. |The time ticket for Mellssa Chan. The two materiais requismion torms pertaining to JOD W456. The time ticket for Jamie Unser. The job cost sneet for JoD W456. Materlais return note from the Inventory department.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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.

Topic Video

Question

Direct Materials
Direct Labour
Amount
Requisition Number
15673
Name
Hours
Amount
Unser
15678
Chan
0.00
0.00

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.

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