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During the month of December 2021, NWT completed 36 different jobs. Records pertaining to one such job (reference number: MT Q421-442) are as follows: Date Document Amount 2/12/21 M-3316 $ 920 4/12/21 L-4423 700 11/12/21 L-4437 1,270 13/12/21 M-3399 2,130 20/12/21 M-3407 1,480 22/12/21 L-4509 1,880 The documents with the references M and L pertain to direct materials and direct labour, respectively. NWT currently allocates overhead using direct labour cost as the allocation base. For the year 2021, it estimated $378,000 as the overhead amount and $300,000 for direct labour costs. Required: 1. Compute the overhead allocation rate for 2021. Predetermined overhead rate 2. Compute the total costs of the job. Direct materials Direct labour Overhead Total costs Number Department Description 3. Prepare a job cost sheet for job MT Q421-442. Amount Req. No. Direct Materials Total Cost Unit Cost MT Q421-442 Commercial Pesticide testing % Amount Cost Summary JOB COST SHEET Direct Labour Time- Sheet Date initiated Date completed Units completed Hours Amount DL Cost Date Dec 24, 2021 Dec 01, 2021 Dec 23, 2021 1 Overhead Rate % Amount Job Completion Status Progress to date Completed and shipped to customer

During the month of December 2021, NWT completed 36 different jobs. Records pertaining to one such job (reference number: MT Q421-442) are as follows: Date Document Amount 2/12/21 M-3316 $ 920 4/12/21 L-4423 700 11/12/21 L-4437 1,270 13/12/21 M-3399 2,130 20/12/21 M-3407 1,480 22/12/21 L-4509 1,880 The documents with the references M and L pertain to direct materials and direct labour, respectively. NWT currently allocates overhead using direct labour cost as the allocation base. For the year 2021, it estimated $378,000 as the overhead amount and $300,000 for direct labour costs. Required: 1. Compute the overhead allocation rate for 2021. Predetermined overhead rate 2. Compute the total costs of the job. Direct materials Direct labour Overhead Total costs Number Department Description 3. Prepare a job cost sheet for job MT Q421-442. Amount Req. No. Direct Materials Total Cost Unit Cost MT Q421-442 Commercial Pesticide testing % Amount Cost Summary JOB COST SHEET Direct Labour Time- Sheet Date initiated Date completed Units completed Hours Amount DL Cost Date Dec 24, 2021 Dec 01, 2021 Dec 23, 2021 1 Overhead Rate % Amount Job Completion Status Progress to date Completed and shipped to customer

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During the month of December 2021, NWT completed 36 different jobs. Records pertaining to one such job (reference number: MT Q421-442) are as follows: Date Document Amount 2/12/21 M-3316 $ 920 4/12/21 L-4423 700 11/12/21 L-4437 1,270 13/12/21 M-3399 2,130 20/12/21 M-3407 1,480 22/12/21 L-4509 1,880 The documents with the references M and L pertain to direct materials and direct labour, respectively. NWT currently allocates overhead using direct labour cost as the allocation base. For the year 2021, it estimated $378,000 as the overhead amount and $300,000 for direct labour costs. Required: 1. Compute the overhead allocation rate for 2021. Predetermined overhead rate 2. Compute the total costs of the job. Direct materials Direct labour Overhead Total costs Number Department Description 3. Prepare a job cost sheet for job MT Q421-442. Amount Req. No. Direct Materials Total Cost Unit Cost MT Q421-442 Commercial Pesticide testing % Amount Cost Summary JOB COST SHEET Date initiated Date completed Units completed Direct Labour Time- Sheet Hours Amount DL Cost Date Dec 24, 2021 Dec 01, 2021 Dec 23, 2021 Overhead Rate % Amount Job Completion Status Progress to date Completed and shipped to customer
Transcribed Image Text:During the month of December 2021, NWT completed 36 different jobs. Records pertaining to one such job (reference number: MT Q421-442) are as follows: Date Document Amount 2/12/21 M-3316 $ 920 4/12/21 L-4423 700 11/12/21 L-4437 1,270 13/12/21 M-3399 2,130 20/12/21 M-3407 1,480 22/12/21 L-4509 1,880 The documents with the references M and L pertain to direct materials and direct labour, respectively. NWT currently allocates overhead using direct labour cost as the allocation base. For the year 2021, it estimated $378,000 as the overhead amount and $300,000 for direct labour costs. Required: 1. Compute the overhead allocation rate for 2021. Predetermined overhead rate 2. Compute the total costs of the job. Direct materials Direct labour Overhead Total costs Number Department Description 3. Prepare a job cost sheet for job MT Q421-442. Amount Req. No. Direct Materials Total Cost Unit Cost MT Q421-442 Commercial Pesticide testing % Amount Cost Summary JOB COST SHEET Date initiated Date completed Units completed Direct Labour Time- Sheet Hours Amount DL Cost Date Dec 24, 2021 Dec 01, 2021 Dec 23, 2021 Overhead Rate % Amount Job Completion Status Progress to date Completed and shipped to customer
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