1 Question One Special Day Souvenirs creates customized customized cornhole sets which are popular gifts for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1 Question One Special Day Souvenirs creates customized customized cornhole sets which are popular gifts for special events. During the month of November 20XX, Special Day Souvenirs undertook one job (job LAW-001) where the company created four customized cornhole boards for the wedding of Mr. & Mrs. James Lawton. Necessary 2 information to prepare the company's job cost record for job LAW-001 is listed below: 3 "The job began on November 9th, 20XX and was completed on November 12th, 20XX. 4 "During construction of job LAW-001, the following materials were requisitioned: 5 "On November 9th, 8 panel boards (part # 21) were requisitioned (req #3) at a unit cost of $14 per board. N 6 On November 10th, 16 feet of photo wrap (part # 87) was requisitioned (req #6) at a unit cost of $6 per foot. 7 "On November 12th, 4 gallons of sealant (part # 33) was requisitioned (req #11) at a unit cost of $23 per gallon. 8 "Two employees worked on job LAW-001, Karl Kavich (Employee #34) and Marla Humphries (Employee # 39.) 9 "Mr. Kavich worked 4 hours on the job at an hourly rate of $17.00 per hour. 10 "Ms. Humphries worked 8 hours on the job at an hourly rate of $16.50 per hour. 11 "Special Day Souvenirs uses only one pool to allocate indirect costs to jobs, Manufacturing Overhead. 12 "Indirect costs will be allocated to jobs using direct labor hours as the cost driver. 13 Special Day's predetermined overhead allocation rate is $5.00 per direct labor hour. 14 Requirement One Using the information provided above, prepare Special Day Souvenirs' job cost record for the custom cornhole boards created for the Lawton wedding. For your convenience, you may omit labor-time record #s from the 15 document. 16 17 Job Number: 18 Start Date: 19 20 21 22 23 24 25 Total 26 27 28 29 30 31 Total 32 Date Received Time Period Question One Job Cost Record LAW-001 11/9/XX Labor-Time Record # Question Two Requisition # Direct Materials Part # Direct Labor Customer: End Date: Quanity Used Lawton 11/12/XX Unit Cost Employee # Hours Worked Hourly Rate Total Costs Total Costs 1 Question One Special Day Souvenirs creates customized customized cornhole sets which are popular gifts for special events. During the month of November 20XX, Special Day Souvenirs undertook one job (job LAW-001) where the company created four customized cornhole boards for the wedding of Mr. & Mrs. James Lawton. Necessary 2 information to prepare the company's job cost record for job LAW-001 is listed below: 3 "The job began on November 9th, 20XX and was completed on November 12th, 20XX. 4 "During construction of job LAW-001, the following materials were requisitioned: 5 "On November 9th, 8 panel boards (part # 21) were requisitioned (req #3) at a unit cost of $14 per board. N 6 On November 10th, 16 feet of photo wrap (part # 87) was requisitioned (req #6) at a unit cost of $6 per foot. 7 "On November 12th, 4 gallons of sealant (part # 33) was requisitioned (req #11) at a unit cost of $23 per gallon. 8 "Two employees worked on job LAW-001, Karl Kavich (Employee #34) and Marla Humphries (Employee # 39.) 9 "Mr. Kavich worked 4 hours on the job at an hourly rate of $17.00 per hour. 10 "Ms. Humphries worked 8 hours on the job at an hourly rate of $16.50 per hour. 11 "Special Day Souvenirs uses only one pool to allocate indirect costs to jobs, Manufacturing Overhead. 12 "Indirect costs will be allocated to jobs using direct labor hours as the cost driver. 13 Special Day's predetermined overhead allocation rate is $5.00 per direct labor hour. 14 Requirement One Using the information provided above, prepare Special Day Souvenirs' job cost record for the custom cornhole boards created for the Lawton wedding. For your convenience, you may omit labor-time record #s from the 15 document. 16 17 Job Number: 18 Start Date: 19 20 21 22 23 24 25 Total 26 27 28 29 30 31 Total 32 Date Received Time Period Question One Job Cost Record LAW-001 11/9/XX Labor-Time Record # Question Two Requisition # Direct Materials Part # Direct Labor Customer: End Date: Quanity Used Lawton 11/12/XX Unit Cost Employee # Hours Worked Hourly Rate Total Costs Total Costs
Expert Answer:
Answer rating: 100% (QA)
Job Cost Record Job Number LAW001 Start Date 119XX Customer Lawton End Date 11... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Three entrepreneurs were looking to start a new brewpub near Sacramento, California, called Roseville Brewing Company (RBC). Brewpubs provide two products to customersfood fromthe restaurant segment...
-
The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you in the payroll register, the employees' earnings...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Revonce Company sells merchandise on a consignment basis to dealers .The selling price of the merchandise averages 25% above cost. The dealer is paid a 10% commission of the sales price for all sales...
-
What is the break-even point? Why is calculating break-even point the starting point for cost-volume-profit analysis? Discuss.
-
Consider that the EMPLOYEE tables constraint EMPSUPERFK as specified in Figure 6.2 is changed to read as follows: CONSTRAINT EMPSUPERFK FOREIGN KEY (Super_ssn) REFERENCES EMPLOYEE(Ssn) ON DELETE...
-
Refer to the data for Inland Equipment in P5-40A. However, assume Inland Equipment uses the average cost method. Requirements 1. Prepare a perpetual inventory record using average cost. Round the...
-
CircuitTown commenced a gift card program in January 2013 and sold $10,000 of gift cards in January, $15,000 in February, and $16,000 in March of 2013 before discontinuing further gift card sales....
-
Jaime will receive with certainty today an endowment of amount $25,000 (y0) and tomorrow an endowment of amount $100,000 (y1). Jaime's preferences are such that, 1) He prefers to consume more than...
-
1. The average distance in kilometers from a school in Chicago to the closest fast food restaurant is 0.60 with a standard deviation of 0.45. Express each of the following distances as a z score: a....
-
Eric is 65 years old. Over the years, Eric has been able to amass a number of income-producing assets. As a result, Eric plans on delaying the receipt of OAS and CPP until he turns 69. at age 65....
-
As the organization changes, the culture within the organization can also change and be shaped by the current leadership behaviors as this will cascade to the employees' structure, routines, rules,...
-
Why do some organizations have to change the culture and values of the company? Explain.
-
what extent does a culture of open communication and feedback influence job satisfaction, and how can organizations cultivate an environment where employees feel valued and heard ?
-
Describe how leadership may affect the culture and effectiveness of an organization. As a leader, what changes would you recommend to improve the effectiveness of an organization?
-
what extent do learning organizations foster a culture of continuous improvement, and what are the key elements necessary for creating such environments ?
-
On 1 January 2011, Childy Bhd issues 5,000,000 redeemable preference shares to Daddy Bhd for a cash consideration of RM5,000,000 inclusive of transaction costs. The preference shares carry no fixed...
-
Hardin Services Co. experienced the following events in 2016: 1. Provided services on account. 2. Collected cash for accounts receivable. 3. Attempted to collect an account and, when unsuccessful,...
-
Given the following information and the information in Figure complete ac. a. Prepare on December 31, 2012, the adjusting journal entry for Bad Debts Expense. b. Prepare a partial balance sheet on...
-
From the following transactions for Long Company for the month of January, (a) Prepare journal entries (assume that it is page 1 of the journal), (b) Post to the ledger (use a four-column account),...
-
Milton Sales uses the FIFO method with the perpetual inventory system. Enter the following information into the inventory record form for product 44BX. Be sure to keep the balance on hand up-to-date....
-
An incompressible flow field is characterized by the stream function \(\psi=3 A x^{2} y-A y^{3}\), where \(A=1 \mathrm{~m}^{-1} \cdot \mathrm{s}^{-1}\). Show that this flow field is irrotational....
-
Consider the flow field represented by the velocity potential \(\phi=A x+B x^{2}-B y^{2}\), where \(A=1 \mathrm{~m} \cdot \mathrm{s}^{-1}, B=1 \mathrm{~m}^{-1} \cdot \mathrm{s}^{-1}\), and the...
-
Consider an air flow over a flat wall with an upstream velocity of \(6 \mathrm{~m} / \mathrm{s}\). There is a narrow slit through which air is drawn in at a flow rate of \(0.2 \mathrm{~m}^{3} /...
Study smarter with the SolutionInn App