Acct 202 Project 2 Job Order Costing On December 31, 2021 Ford had the following jobs in process: Job 307 and Job 309 (Job costs sheets for these jobs are included on pages 3 and 4 of this packet) Requirement 1: (2 points) What is Fords 12/31/21 balance of Work In Process Inventory on the balance sheet? Ford Construction estimates the following costs for 2022: Direct labor $732,160 (33,280 hours at $22 per hour) Manufacturing overhead $240,000 Ford uses direct labor hours to assign manufacturing overhead costs to jobs. Round to the nearest cent. Requirement 2: (2 points) What is Fords 2022 predetermined overhead rate? During January 2022, Ford issued the following materials requisition forms and labor time tickets Materials Requisition forms Labor Time Tickets M-679 2022-W1 M-680 2022-W2 M-681 2022-W3 M-682 2022-W4 During January 2022, Ford started Jobs 310, 311 and 312. Ford completed jobs 307, 309 and 310. Job 307 and 309 were sold to customers at the amount bid in their customer contracts. Job 307 had a contract price of $30,000 and Job 309 was $10,800. The sales transaction for Job 310 has not yet been completed as of 1/31/22 as it is pending final inspection from city inspectors. Requirement 3: 2 points for each job cost sheet Complete the job cost sheets for all the jobs 307, 309, 310, 311, 312. These are found on pages 3 through 7 of this packet. 2 Requirement 4: (2 points each) What is the balance of the following accounts on 1/31/22? Work in Process Inventory __________________________ Finished Goods Inventory __________________________ Cost of Goods Sold _______________________________ Sales ___________________________ Requirement 5: (1 point each) Which financial statement is cost of goods sold reported on? ________________________ Which financial statement is work in process inventory reported on? ________________________ Which financial statement is finished goods inventory reported on? ________________________ 3 Ford Construction Job Cost Sheet Customer: Sally Sue Job No: 307 Address: Date started: 12-7-21 Date completed: 1-15-22 Job Description: Kitchen Remodel Materials M-675 Drywall $900 M-678 Cabinets 15,000 12-31-21 total $15,900 Labor 2021-W49 85 hours $1785 2021-W50 120 hours 2520 12-31-21 205 hours $4305 December 2021 January 2022 TOTAL Materials 15,900 Labor 4,305 Overhead 205 hrs @ 7.15 = 1465.75 Total $21,670.75 4 Ford Construction Job Cost Sheet Customer: Joe Bob Job No: 309 Address: Date started: 12-19-21 Date completed: 1-6-22 Job Description: New Dining Room Floor Materials M-676 Plywood Underlayment $1,500 M-677 Hardwood Flooring $3,500 12-31-21 total $5,000 Labor 2021-W51 40 hours $840 2021-W52 80 hours 1,680 12-31-21 total 120 hours $2,520 December 2021 January 2022 Total Materials $5,000 Labor 2,520 Overhead 120 hrs @ 7.15 = 858 Total $8,378 5 Ford Construction Job Cost Sheet Customer: Roger Job No: 310 Address: Date started: 1-6-22 Date completed: 1-30-22 Job Description: Bathroom addition to second floor Materials Labor January 2022 Total Materials Labor Overhead Total 6 Ford Construction Job Cost Sheet Customer: Wilma Job No: 311 Address: Date started: 1-13-22 Date completed: Job Description: Garage Materials Labor January 2022 Total Materials Labor Overhead Total 7 Ford Construction Job Cost Sheet Customer: Fred Job No: 312 Address: Date started: 1-20-22 Date completed: Job Description: Master Bedroom addition Materials Labor January 2022 Total Materials Labor Overhead Total 8 Ford Construction Materials Requisition Form M-679 Job No: 307 Date: 1/6/22 Field supervisor signature: Boss B. Me Material Quantity (By field) Cost (By Office) Total Sink 1 $240 240 Faucet 1 $150 150 Total $390 -------------------------------------------------------------- Ford Construction Materials Requisition Form M-680 Job No: 310 Date: 1/6/22 Field supervisor signature: Boss B. Me Material Quantity (By field) Cost (By Office) Total Drywall 40 sheets $5/sheet 200 Flooring 100 square feet $12/foot 1200 Hot Tub 1 $1800 1800 Total $3200 9 Ford Construction Materials Requisition For M-681 Job No: 311 Date: 1/13/22 Field supervisor signature: Boss B. Me Material Quantity (By field) Cost (By Office) Total Framing 2x4, 2x2, 2x10 Etc $1000 ------------------------------------------------------------ Ford Construction Materials Requisition Form M-682 Job No: 312 Date: 1/20/22 Field supervisor signature: Boss B. Me Material Quantity (By field) Cost (By Office) Total Framing 2x4, 2x2, 2x10 Etc $1400 10 Ford Construction Weekly Time Summary 2022-W1 Job 307 Job 309 Job 310 Total Employee 1 - $20 per hour 40 hours 40 Employee 2 - $22 per hour 40 hours 40 Employee 3 - $20 per hour 10 hours 30 hours 40 Employee 4 - $24 per hour 10 hours 20 hours 10 hours 40 Employee 5 - $21 per hour 8 hours 32 hours 40 Employee 6 - $23 per hour 40 hours 40 Cost to Job 307 Employee 1 40 hours @$20 $800 Employee 3 10 hours @$20 $200 Employee 4 10 hours @$24 $240 TOTAL 60 hours $1,240 Cost to Job 309 Employee 2 40 hours @$22 $880 Employee 3 30 hours @$20 $600 Employee 4 20 hours @$24 $480 Employee 5 8 hours @$21 $168 TOTAL 98 hours $2128 Cost to Job 310 Employee 4 10 hours @$24 $240 Employee 5 32 hours @$21 $672 Employee 6 40 hours @$23 $920 TOTAL 82 hours $1832 11 Ford Construction Weekly Time Summary 2022-W2 Job 307 Job 310 Job 311 Total Employee 1 - $20 per hour 32 hours 8 hours 40 Employee 2 - $22 per hour 0 0 Employee 3 - $20 per hour 10 hours 30 hours 40 Employee 4 - $24 per hour 8 hours 32 hours 40 Employee 5 - $21 per hour 16 hours 24 hours 40 Employee 6 - $23 per hour 40 hours 40 Cost to Job 307 Employee 1 32 hours @$20 $640 Employee 3 10 hours @$20 $200 Employee 4 8 hours @$24 $192 TOTAL 50 hours $1,032 Cost to Job 310 Employee 1 8 hours @$20 $160 Employee 3 30 hours @$20 $600 Employee 4 32 hours @$24 $768 Employee 5 16 hours @$21 $336 Employee 6 40 hours @$23 $920 TOTAL 126 hours $2,784 Cost to Job 311 Employee 5 24 hours @$21 $504 TOTAL 24 hours $504 12 Ford Construction Weekly Time Summary 2022-W3 Job 310 Job 311 Job 312 Total Employee 1 - $20 per hour 40 hours 40 Employee 2 - $22 per hour 0 0 Employee 3 - $20 per hour 40 hours 40 Employee 4 - $24 per hour 12 hours 28 hours 40 Employee 5 - $21 per hour 16 hours 24 hours 40 Employee 6 - $23 per hour 16 hours 24 hours 40 Cost to Job 310 Employee 1 40 hours @$20 $800 Employee 3 40 hours @$20 $800 Employee 4 12 hours @$24 $288 TOTAL 92 hours $1888 Cost to Job 311 Employee 4 28 hours @$24 $672 Employee 5 16 hours @$21 $336 Employee 6 16 hours @$23 $368 TOTAL 60 hours $1,376 Cost to Job 312 Employee 5 24 hours @$21 $504 Employee 6 24 hours @$23 $552 TOTAL 48 hours $1,056 13 Ford Construction Weekly Time Summary 2022-W4 Job 310 Job 311 Job 312 Total Employee 1 - $20 per hour 20 hours 20 hours 40 Employee 2 - $22 per hour 0 0 Employee 3 - $20 per hour 40 hours 40 Employee 4 - $24 per hour 8 hours 8 hours 24 hours 40 Employee 5 - $21 per hour 16 hours 24 hours 40 Employee 6 - $23 per hour 16 hours 24 hours 40 Cost to Job 310 Employee 1 20 hours @$20 $400 Employee 3 40 hours @$20 $800 Employee 4 8 hours @$24 $192 TOTAL 68 hours $1,392 Cost to Job 311 Employee 4 8 hours @$24 $192 Employee 5 16 hours @$21 $336 Employee 6 16 hours @$23 $368 TOTAL 40 hours $896 Cost to Job 312 Employee 1 20 hours @$20 $400 Employee 3 24 hours @$20 $480 Employee 5 24 hours @$21 $504 Employee 6 24 hours @$23 $552 TOTAL 92 hours $1,936