-
+1 - 312-224-1615
Get in touch with us
-
support@helpwithassignment.com
Send us an e-mail
Solution Library
Schedule of Summarizing Manufacturing Costs by Job Incurred
Question
GIVEN: Example Manufacturing Company uses a job order costing system. The following information summarizes its operations related to production for January, its first month of operations.
A. Purchased production materials on account, $85,000.
B. Production materials of $90,000 were requisitioned to the factory for the five jobs started in January and for general factory use as follows:
|
Job |
Materials |
|
Job No. 1001 |
$15,000 |
|
Job No. 1002 |
14,000 |
|
Job No. 1003 |
11,800 |
|
Job No. 1004 |
20,200 |
|
Job No. 1005 |
22,000 |
|
General factory use |
7,000 |
|
|
$90,000 |
C. Factory labor costs of $71,000 were incurred. The employee time tickets provided the following:
|
Job |
Factory Labor |
|
Job No. 1001 |
$ 10,000 |
|
Job No. 1002 |
11,750 |
|
Job No. 1003 |
10,250 |
|
Job No. 1004 |
14,800 |
|
Job No. 1005 |
18,200 |
|
General factory use |
6,000 |
|
|
$71,000 |
D. Factory overhead is allocated to jobs at a rate of $50 per machine hour. Machine hours used were:
|
Job |
Machine Hours |
|
Job No. 1001 |
105 |
|
Job No. 1002 |
110 |
|
Job No. 1003 |
95 |
|
Job No. 1004 |
150 |
|
Job No. 1005 |
120 |
|
|
580 |
E. Depreciation on the factory machinery and equipment was $6,500.
F. Factory overhead costs incurred on account were $9,800.
G. Jobs 1001, 1002 and 1004 were completed.
H. Jobs 1001 and 1002 were shipped and the customers were billed $100,000 for job 1001 and $111,000 for job 1002.
Prepare a schedule summarizing manufacturing costs by job incurred in January. Use the following columns and provide column totals.
Job Direct Materials Direct Labor Factory Overhead Total
Summary
This question belongs to accounting and discusses about summarizing manufacturing costs, journal entries, inventory, cost of goods sold and profit of a company based on the given data.
Total word count: 48
Download Full Solution
WHAT OUR STUDENTS SAY
Designing a motivational strategy as a part of the employee development plan was a tough ask for me as I missed few classes last semester. However, the help I got from HwA was remarkable and they not only offered me the assignment solution but also at the same time helped me to understand the concepts.
Steve Wilson Student
I was badly stuck with my Faraday’s law assignment and was unable to do the calculations. However, when I came across HwA they did help me a lot and from there on I hire their help for all of my science assignments.
Martin Collins Student
The process capability assignment expert at HwA has helped me not only to write my assignment but also to better understand the theorem and ideas. This has helped me to solve the process capability analysis questions in exams and term papers accurately and get top grades.
Shane Filan Student
During my second trimester one of my class-mates told me about TheReliableTutor.com. However, back then I thought I do not require any help. But I was proved wrong shortly and contacted them. The nursing assignment tutors are really fantastic and they work tirelessly till you get what you exactly asked for. Really happy with the service I got
William Turner Student
When I got the opportunity to get my Masters in Finance Management from one of the top B-schools of London I jumped and took it. But once there I realized that I was being unable to keep up with the course structure and the way the professors wanted the assignments to be researched. That is when I found TheReliableTutor.com. Their online finance tutor guided me through the process and showed me how to structure the research and citations. Now my grades have improved and I can submit all my assignments and do my finance homework on time."
Nitin Kumar Student
Comments
this is a very good website
I have 50 questions for the same test your page is showing only 28
hi can you please help or guide me to answer my assignments. thanks
hi can anyone help or guide me to my assignments. thanks
This solution is perfect ...thanks
Hello Allison,I love the 2nd image that you did! I also, had never heard of SumoPaint, is something that I will have to exolpre a bit! I understand completely the 52 (or so) youtube videos that you probably watched. Sometimes they have what you want, sometimes they don't! However, it is always satisfying when you are able to produce something that you have taught yourself. Great job!Debra 0 likes
Perfect bank of solution.
great !
thanks for the quick response. the solution looks good. :)
thnx for the answer. it was perfect. just the way i wanted it.
works fine.