FUNDAMENTAL ACCT PRIN TEXT+CONNECT CODE
15th Edition
ISBN: 9781265564483
Author: Wild
Publisher: MCG
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Question
Chapter 19, Problem 5APSA
To determine
Job order costing is a system of allocating cost of production to an individual product or group of products. Under job order costing, each individual product or batches of products are treated as separate unit due to its unique features customize by the customers.
To determine:
Preparation of cost sheets for jobs 102 and 103 and materials ledger cards for material M, Material R and paint. Record
Expert Solution & Answer
![Check Mark](/static/check-mark.png)
Answer to Problem 5APSA
Solution:
JOB COST SHEET | ||||||
Customer name: Worldwide Company Job no. 102 | ||||||
Direct Materials | Direct Labor | |||||
Date | Requisition | Cost | Time Ticket | Cost | Rate | Cost |
35 | $33,750 | 1 to 10 | $90,000 | 80% | $72,000 | |
36 | $12,960 | |||||
$46,710 | $90,000 | $72,000 | ||||
REMARKS: | Job completed | COST SUMMARY | ||||
Materials | $46,710 | |||||
Labor | $90,000 | |||||
Overhead | $72,000 | |||||
Total Cost | $208,710 |
JOB COST SHEET | ||||||
Customer name: Reuben Company Job no. 103 | ||||||
Direct Materials | Direct Labor | Overhead | ||||
Date | Requisition | Cost | Time Ticket | Cost | Rate | Cost |
37 | $17,500 | 11 to 30 | $65,000 | 80% | $52,000 | |
38 | $6,840 | |||||
$24,340 | $65,000 | $52,000 | ||||
REMARKS: | Job in process |
COST SUMMARY | ||||
Materials | $24,340 | |||||
Labor | $65,000 | |||||
Overhead | $52,000 | |||||
Total Cost | $141,340 |
MATERIAL LEDGER CARD | |||||||||||
Item: Material M | |||||||||||
Received | Issued | Balance | |||||||||
Date | Receiving Report |
Units | Unit Price |
Total Price |
Requi- sition |
Units | Unit Price |
Total Price |
Units | Units Price |
Total Price |
May 1 |
200 | 250 | 50,000 | ||||||||
426 | 250 | 250 | 62,500 | 450 | 250 | 112,500 | |||||
35 | 135 | 250 | 33,750 | 315 | 250 | 78,750 | |||||
37 | 70 | 250 | 17,500 | 245 | 250 | 61,250 | |||||
MATERIAL LEDGER CARD | |||||||||||
Item: Material R | |||||||||||
Received | Issued | Balance | |||||||||
Date | Receiving Report |
Units | Unit Price |
Total Price |
Requi- sition |
Units | Unit Price |
Total Price |
Units | Units Price |
Total Price |
May 1 |
95 | 180 | 17,100 | ||||||||
427 | 90 | 180 | 16,200 | 185 | 180 | 33,300 | |||||
36 | 72 | 180 | 12,960 | 113 | 180 | 20,340 | |||||
38 | 38 | 180 | 6,840 | 75 | 180 | 13,500 | |||||
MATERIAL LEDGER CARD | |||||||||||
Item: Paint | |||||||||||
Received | Issued | Balance | |||||||||
Date | Receiving Report |
Units | Unit Price |
Total Price |
Requi- sition |
Units | Unit Price |
Total Price |
Units | Units Price |
Total Price |
May 1 |
55 | 75 | 4,125 | ||||||||
39 | 15 | 75 | 1,125 | 40 | 75 | 3,000 | |||||
Journalizing the events as provided in the instructions
Accounts name | Debit | Credit | |
a | Raw Material Inventory | $78,700 | |
Accounts Payable | $78,700 | ||
d. | Factory Payroll | $174,250 | |
Cash | $174,250 | ||
Factory Overhead | $102,000 | ||
Cash | $102,000 | ||
e. | Finished Goods Inventory | $208,710 | |
Work in Process Inventory | $208,710 | ||
f. | $400,000 | ||
Sales | $400,000 | ||
Cost of Goods Sold | $208,710 | ||
Finished Goods Inventory | $208,710 | ||
h. | Work in Process Inventory | $71,050 | |
Factory Overhead | $1,125 | ||
Raw Materials Inventory | $72,175 | ||
i. | Work in Process Inventory | $124,000 | |
Factory Overhead | $124,000 |
J. The balance in the factory overhead accounts as of the end of May is $1,625 (Over-applied).
Explanation of Solution
Explanation:
Raw Materials Inventory | |||
Balance | $71,225 | h. | $72,175 |
a. | $78,700 | ||
Balance | $77,750 |
Work in Process Inventory | |||
h. | $71,050 | e. | $208,710 |
i. | $155,000 | ||
j. | $124,000 | ||
Job 103 | $141,340 |
Sales | |||
f. | $400,000 | ||
Balance | $400,000 |
Accounts Receivable | |||
f. | $400,000 | ||
Balance | $400,000 |
Cost of Goods Sold | |||
f. | $208,710 | ||
Balance | $208,710 |
Finished Goods Inventory | |||
e. | $208,710 | f. | $208,710 |
Factory Payroll | |||
d. | $174,250 | i. | $174,250 |
Factory Overhead | |||
d. | $102,000 | j. | $124,000 |
h. | $1,125 | ||
I | $19,250 | ||
Balance (Overapplied) | $1,625 |
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Chapter 19 Solutions
FUNDAMENTAL ACCT PRIN TEXT+CONNECT CODE
Ch. 19 - Prob. 1DQCh. 19 - Prob. 2DQCh. 19 - Prob. 3DQCh. 19 - Prob. 4DQCh. 19 - Prob. 5DQCh. 19 - Prob. 6DQCh. 19 - Prob. 7DQCh. 19 - Prob. 8DQCh. 19 - Prob. 9DQCh. 19 - Prob. 10DQ
Ch. 19 - Prob. 11DQCh. 19 - Prob. 12DQCh. 19 - Prob. 13DQCh. 19 - Prob. 14DQCh. 19 - Prob. 1QSCh. 19 - Prob. 2QSCh. 19 - Prob. 3QSCh. 19 - Prob. 4QSCh. 19 - Prob. 5QSCh. 19 - Prob. 6QSCh. 19 - Prob. 7QSCh. 19 - Prob. 8QSCh. 19 - Prob. 9QSCh. 19 - Prob. 10QSCh. 19 - Prob. 11QSCh. 19 - Manufacturing cost flows P1 P2 P3 Refer to the...Ch. 19 - Prob. 13QSCh. 19 - Prob. 14QSCh. 19 - Prob. 1ECh. 19 - Prob. 2ECh. 19 - Prob. 3ECh. 19 - Prob. 4ECh. 19 - Prob. 5ECh. 19 - Prob. 6ECh. 19 - Prob. 7ECh. 19 - Prob. 8ECh. 19 - Prob. 9ECh. 19 - Prob. 10ECh. 19 - Prob. 11ECh. 19 - Prob. 12ECh. 19 - Prob. 13ECh. 19 - Prob. 14ECh. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Prob. 17ECh. 19 - Exercise 19-18 Job order costing for services A1...Ch. 19 - A recent balance sheet for Porsche AG shows...Ch. 19 - Problem 19-1A
Production costs computed and...Ch. 19 - Prob. 2APSACh. 19 - Prob. 3APSACh. 19 - Prob. 4APSACh. 19 - Prob. 5APSACh. 19 - Prob. 1BPSBCh. 19 - Prob. 2BPSBCh. 19 - Problem 19-3B
Source documents, journal entries,...Ch. 19 - Prob. 4BPSBCh. 19 - Prob. 5BPSBCh. 19 - The computer workstation furniture manufacturing...Ch. 19 - Prob. 1GLPCh. 19 - Prob. 1BTNCh. 19 - Prob. 2BTNCh. 19 - Prob. 3BTNCh. 19 - Prob. 4BTNCh. 19 - Prob. 5BTNCh. 19 - Prob. 6BTNCh. 19 - Prob. 7BTNCh. 19 - Prob. 8BTNCh. 19 - Apple and Samsung are competitors in the global...
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