Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare a time sheet and cost sheet

Prepare a time sheet and cost sheet

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Prepare a time sheet and cost sheet

 

F G H J Form a five-person team. Three team members will be "laborers." One team member will be in charge of materials. The last team member will be the "accountant." Each laborer should prepare an individual time sheet for each of the three days described below. The team member in charge of materials should prepare a materials requisition form for each employee similar to that illustrated in the chapter (you can use one per employee and don't have to do a separate one for each day). The "accountant" will collect the time sheets and materials requisition forms, and compile job cost sheets for the two jobs described in the following facts. Overhead is to be applied at $5 per direct labor hour. What cost is assigned to each job? At the conclusion of the problem, consider if you believe the overhead application rate is too low. Why? DAY1 The company refurbishes airplane engines. The Engine A job was begun, and all three laborers worked 8 hours each. Laborers #1and #2 worked exclusively on Engine A, but laborer #3 spent 3 hours on repairing factory tools and maintenance. Laborer #1 requisitioned engine pistons (16 at $400 each) andLaborer #3 requisitioned two engine manifolds that cost $4,000 each. Laborer #2 requisitioned a lubricant for freeing stuck bolts (2 cans at $8 each). Each laborer is paid $25 per hour. DAY 2 Engine Bjob was begun, and all three laborers worked 8 hours each. Laborer #1continued to work on Engine A for 7 hours, and spent 1hour reviewing a training manual containing information needed to pass an upcoming certification test. Laborers #2 and #3 each worked6 hours on Engine B. Laborer #2 requisitioned engine glow plugs (4 at $300 each), and heat resistant tape (1roll at $7). Laborer #3 requisitioned cleaning solution needed to remove spilled grease from the shop floor (1can at $24), and Laborers #2 and #3 spent 2 hours each cleaning the floor. DAY 3 Engine A and B were finished. Laborer #1equally split 8 hours of work between Engine A and Engine B. Laborer #2 did not report for work due to illness brought on by the cleaning solution used the day before, and will be paid for 8 hours of sick time. Laborer #3 worked 8 hours on Engine B. The only materials used were miscellaneous gaskets costing $6 that had been requested by Laborer #1.
Transcribed Image Text:F G H J Form a five-person team. Three team members will be "laborers." One team member will be in charge of materials. The last team member will be the "accountant." Each laborer should prepare an individual time sheet for each of the three days described below. The team member in charge of materials should prepare a materials requisition form for each employee similar to that illustrated in the chapter (you can use one per employee and don't have to do a separate one for each day). The "accountant" will collect the time sheets and materials requisition forms, and compile job cost sheets for the two jobs described in the following facts. Overhead is to be applied at $5 per direct labor hour. What cost is assigned to each job? At the conclusion of the problem, consider if you believe the overhead application rate is too low. Why? DAY1 The company refurbishes airplane engines. The Engine A job was begun, and all three laborers worked 8 hours each. Laborers #1and #2 worked exclusively on Engine A, but laborer #3 spent 3 hours on repairing factory tools and maintenance. Laborer #1 requisitioned engine pistons (16 at $400 each) andLaborer #3 requisitioned two engine manifolds that cost $4,000 each. Laborer #2 requisitioned a lubricant for freeing stuck bolts (2 cans at $8 each). Each laborer is paid $25 per hour. DAY 2 Engine Bjob was begun, and all three laborers worked 8 hours each. Laborer #1continued to work on Engine A for 7 hours, and spent 1hour reviewing a training manual containing information needed to pass an upcoming certification test. Laborers #2 and #3 each worked6 hours on Engine B. Laborer #2 requisitioned engine glow plugs (4 at $300 each), and heat resistant tape (1roll at $7). Laborer #3 requisitioned cleaning solution needed to remove spilled grease from the shop floor (1can at $24), and Laborers #2 and #3 spent 2 hours each cleaning the floor. DAY 3 Engine A and B were finished. Laborer #1equally split 8 hours of work between Engine A and Engine B. Laborer #2 did not report for work due to illness brought on by the cleaning solution used the day before, and will be paid for 8 hours of sick time. Laborer #3 worked 8 hours on Engine B. The only materials used were miscellaneous gaskets costing $6 that had been requested by Laborer #1.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Balance Sheet Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS