B e U I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 723,250.00 S 401.750.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $28.93 Gross Profit Soling Expenses Fixed Vanable (Commission per unit) $3.15 Administrative Expenses Total Selling and Administrative Expenses: Net Profit $ 23,000.00 78.750.00 $ 101,750.00 41.250.00 143,000.00 258,750.00 S See The Light Projected Balance Sheet As of December 31, 20x1 x S 34.710.00 67,500.00 Current Assets Can Account Recolvable Inventory Raw Material Figurines Electrical Sots Work in Process Finished Goods Total Current Assots 4,800.00 625.00 500 $920 500 $125 0 3000 $28.0250 33 34 an 36,775.00 S 194.210.00 FAQ 2 3 5 Work in Process Finished Goods Total Current Assets 3000 @ $28.9250 86,775.00 194,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 S. 207.410.00 $ 54,000.00 54,000.00 Current Liabilities Accounts Payablo Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 141.410.00 153,410,00 207,410.00 2. To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. 17 Overhead is applied at the rate of 50% of the direct labor cost. 18 39 20 21 Job Order Costing Section 26 27 On January 1, 20x2. Division S began Job 2407 for the client, THE BIG CHILDREN STORE. The 28 job called for 4,000 customized lamps. The following set of transactions occurred from 29 January 5 until the job was completed: 30 35 5-Jan Purchased 4,175 figurines @ $9.25 per figurine 36 6-Jan Purchased 4,275 sets of electical components @ $1.55 per set 37 7-Jan Purchased 4,000 lamp shades @ $6.35 per set 38 8-Jan 4,175 figurines were requisitioned. 39 9 Jan 4,250 sets of electrical components were requisitioned 44 17-Jan Payroll of 620 Direct Labor Hours @ $9.50 per hour. 45 28-Jan 3,990 lamp shades were requisitioned 46 30-Jan Payroll of 670 Direct Labor Hours @ $9.75 per hour. 47 30-Jan 3,990 tamps were completed and shipped. All materials requisitioned were 48 used or scrapped, and are a cost of normal processing 53 Month End Ovomood Information 54 Actual Variable Manufacturing Overhead $ 1,522 20 55 Actual Fixed Manufacturing Overhead $ 40,873.45 56 157 62 Round to six places, S# Cost of Direct Material incurred in Manufacturing Job 2407 83 64 85 66 71 72 73 (18.01) Round to six places ($%23%22%23%23%23%%23 Cost of Direct Material incurred in Manufacturing Job 2407 (18.01) Cost of Direct Labor Incurred in Manufacturing Job 2407 (18.02) Cost of Manufacturing Overhead Applied to Job 2407 (18.03) Cost of manufacturing one lamp (18.04)