ACCT 3110-Fall 2019 Required: FORMULAS must be used in ALL Blue cells (NO hardcoding) Directions:(1) Fill in blue cells on flowchart AND cost sheets below, starting with finding the: (A) OVERHEAD RATE, (B) Total Actual OH, (C) Total DL hrs, AND (D) LABOR RATE. (2) Then ANSWER the 3 QUESTIONS (see lines 47-49) Inputs - Reference these cells (D) FIND Labor Rate $27,600 *Beg. WIP: Job 350 started LAST PERIOD (DEC) Materials Direct Materials 9,000 Beg. Inventory- Jan 1 4,800 Direct Labor 6,200 January Purchased/Transferred-In 27,500 Overhead 4,500 Transferred Out during Jan: Job 350 Costs 19,700 DM used on Job 350 $ 4,300 DM used on Job 481 $ 9,000 DM used on Job 533 $ 12,000 Factory Overhead Budgeted Overhead for year: $470,400 Predetermined OH Rate: Budgeted Direct Labor Hours: 16,800 FIND Predetermined Overhead Rate OH per direct labor hr ACTUAL Overhead: Indirect Materials $ 3,800 Indirect Labor 20,400 Utilities and other OH during Jan 6,000 Expiration of Prepaid Insurance during Jan 1,200 Depreciation for Jan 4,800 Labor $Total Direct Labor during January Labor used on Jobs in January (in hours): Job 350 Job 481 Job 533 Find TOTAL direct labor hrs Other Details Job 350 Started in December Finished in January but not yet sold Per hour worked 380 420 580 Job 481 Started in January and SOLD in January Job 533 Started in January but not yet finished by the end of January (B) Total Actual OH - Jan (B) Total Actual OH - Jan To jobs: FLOW CHART Materials Beginning Purchases Jan Ending Inventory To Job 350 To Job 481 To Job 533 Finished this period: Sold this period: Finished Goods Labor WIP COGS DL - Jan To Job 350 Beg. Beg. mat 1 sold job To Job 481 To Job 533 2 jobs finished labor overhead Ending Inventory Ending inventory 1 job unfinished 1 finished job not sold Overhead Actual Applied To WIP REQUIRED: Was Overhead UNDER or OVER applied? By what amount? What is the $ADJUSTED cost of goods sold? (actual cost of goods sold) (amount applied to all jobs) JOB COST SHEETS JOB 350 Labor Materials Total December January LAST period costs THIS period costs TOTAL job cost *Started in December, Finished in January, not yet sold by end of January JOB 481 Labor Materials Total January *Started in January, finished and sold in January JOB 533 Labor Materials OH Total January *Started in January and not finished by the end of January CHECK: DO YOUR COST CARDS RECONCILE WITH THE FLOWCHART YOU COMPLETED? ACCT 3110-Fall 2019 Required: FORMULAS must be used in ALL Blue cells (NO hardcoding) Directions:(1) Fill in blue cells on flowchart AND cost sheets below, starting with finding the: (A) OVERHEAD RATE, (B) Total Actual OH, (C) Total DL hrs, AND (D) LABOR RATE. (2) Then ANSWER the 3 QUESTIONS (see lines 47-49) Inputs - Reference these cells (D) FIND Labor Rate $27,600 *Beg. WIP: Job 350 started LAST PERIOD (DEC) Materials Direct Materials 9,000 Beg. Inventory- Jan 1 4,800 Direct Labor 6,200 January Purchased/Transferred-In 27,500 Overhead 4,500 Transferred Out during Jan: Job 350 Costs 19,700 DM used on Job 350 $ 4,300 DM used on Job 481 $ 9,000 DM used on Job 533 $ 12,000 Factory Overhead Budgeted Overhead for year: $470,400 Predetermined OH Rate: Budgeted Direct Labor Hours: 16,800 FIND Predetermined Overhead Rate OH per direct labor hr ACTUAL Overhead: Indirect Materials $ 3,800 Indirect Labor 20,400 Utilities and other OH during Jan 6,000 Expiration of Prepaid Insurance during Jan 1,200 Depreciation for Jan 4,800 Labor $Total Direct Labor during January Labor used on Jobs in January (in hours): Job 350 Job 481 Job 533 Find TOTAL direct labor hrs Other Details Job 350 Started in December Finished in January but not yet sold Per hour worked 380 420 580 Job 481 Started in January and SOLD in January Job 533 Started in January but not yet finished by the end of January (B) Total Actual OH - Jan (B) Total Actual OH - Jan To jobs: FLOW CHART Materials Beginning Purchases Jan Ending Inventory To Job 350 To Job 481 To Job 533 Finished this period: Sold this period: Finished Goods Labor WIP COGS DL - Jan To Job 350 Beg. Beg. mat 1 sold job To Job 481 To Job 533 2 jobs finished labor overhead Ending Inventory Ending inventory 1 job unfinished 1 finished job not sold Overhead Actual Applied To WIP REQUIRED: Was Overhead UNDER or OVER applied? By what amount? What is the $ADJUSTED cost of goods sold? (actual cost of goods sold) (amount applied to all jobs) JOB COST SHEETS JOB 350 Labor Materials Total December January LAST period costs THIS period costs TOTAL job cost *Started in December, Finished in January, not yet sold by end of January JOB 481 Labor Materials Total January *Started in January, finished and sold in January JOB 533 Labor Materials OH Total January *Started in January and not finished by the end of January CHECK: DO YOUR COST CARDS RECONCILE WITH THE FLOWCHART YOU COMPLETED