Can anyone help with the job cost sheets from the Gatsby Manufacturing project? I attached the info I think is necessary to do so and the job cost sheet that was given to us in the book.
I did ok with jobs 221 and 222 but the jobs 223 through 225 I'm struggling with. Any info or help would be very helpful.
Thank you in advance!
AMAN CCOUNT Gatsby me December TRANSACTIONS LIST December 1 - 31, 2019 Paid wages payable and payroll taxes payable electronically Document Shipped lob #220 to Abernathy & Fetch with a sales invoice Paid outstanding accounts payable and other payables that were due in full (paid electronically). Ordered 100 rolls of denim from Denim Inc. using purchase order No. 556. Freight terms are FOB shipping point. Job #221 Whiskey & Soda was completed. X Job 221 Whiskey & Soda was packed, shipped, and invoiced. Terms are n/30. Shipping costs paid by customer Received check from Cool Creed for a shipment made to them in November in the amount of $225.000 Received the 100 rolls of denim that were ordered from Denim Inc. on December 5, 2019, as listed on purchase order No. 556. Denim Inc.'s vendor invoice No. 7423 for $300,000 was received with the goods. Terms are n/30. Received the supplies that were ordered from Notions Inc. on November 30, 2019, as listed on purchase order No. 549. Notions Inc.'s vendor invoice No. 257 for $20,000 was received with the goods. Terms are n/30. Job #222 for K. Brand was completed, packed, shipped, and invoiced. Terms are n/30. A new order from AH was received for 11,000 pairs of jeans. Design work was completed for AH AH accepted the design work and agreed to a price of $45 per pair. Assigned Job #223 to the AH order. A MANAGER ACCOUNTING I ... manu lactu 18 Requisitioned denim into Work-in-process for the AH order. Requisitioned notions/supplies (indirect materials) for the AH order. Paid Notions Inc. electronically for their Dec 11' invoice. Job #223 for AH was completed. Job #223 for AH was packed, shipped, and invoiced. Packing costs are a part of MOH. Other shipping costs will be paid by the customer. Terms are n/30 A new order for 8,000 pairs of jeans was received from Belt Buckle. Design work was completed for Belt Buckle. They accepted the design work Belt Buckle was assigned Job #224. Contract price is $45 per pair. A new order for 15,000 pairs of jeans was received from Cool Creed. Denim was requisitioned into Work-in-Process for Belt Buckle Job #224. Requisitioned notions/supplies (indirect materials) for Belt Buckle Job #224 Cool Creed accepted the design work and was assigned Job #225. The contract price is $40 per pair. Completed one-half of the sewing direct labor on Job #224 for Belt Buckle. Job #225 direct materials were requisitioned into Work-in-process. No work has been completed on the job as of month-end. Paid $25,000 of principal and $1,250 of interest expense on the Note Payable to First Bank. Paid $10,000 on the mortgage principal and $800 of interest expense to Commerce Bank. Recorded and paid the following administrative and selling expenses Administrative & selling costs $12,750 per Apex Payroll Service's invoice No. 18633 (includes payroll and payroll taxes). Office supplies and utilities $450. Payroll services expense $200. A. KAY GU. Gatsby's Accounting System and Policia Cost Sheet for One Pair of Jeans Quantity Direct materials - denim Direct labor-sewing Direct labor --- finishing 1 hour per pair Ve hour per pair Cost per Unit 515 per part 520 per hour $15 per hour * For simplicity, the yards of denim needed for each pair of jeans project as that would require more details about each order (e.... size of jeans are not provided for er leg, sizes, men/women). determined rate of 20% of dite Manufacturing overhead is charged to jobs based on a predetermined labor cost. 1 person Manufacturing overhead: Designer Factory supervisors Inspectors Quantity 35 hours per week 2 persons Cost per Unit 530 per hour $60,000 per person per year 2 persons @ 40 hours per week $20 per hour per hour per inspector sibilities, 50 employees are As seen in the earlier section on Personnel Structure and Responsibilities. 50 sewers and 28 employees are finishers, each of whom work 40 hours per week s ranges from $40 to $50 per pair of jeans. Terms The selling price Gatsby charges its customers ranges from $40 to $50 per are n/30; that is, the full price is expected to be paid within 30 days. Goods are (free on board) shipping point, so the customer assumes legal title and respond shipping and insurance costs as soon as Gatsby places the goods on the carrier. Gatsby a sales invoice sent to the customer when the goods are delivered, which includes the customer's assigned account number INVENTORY PROCEDURES There is beginning and ending raw materials inventory of denim. The oldest inventory is always used up first. Each job is a custom job that is shipped as soon as it is completed. Gatsby espouses a "lean" management philosophy; however, it does have some space in the production area of the building in case a job is finished in one month and sold and delivered the following month. There is beginning and ending work-in-process inventory each month. Notions used in the production process, such as thread, zippers, snaps, and rivets, are charged to manufacturing overhead as indirect costs as incurred. The quantity of these supplies on hand is relatively stable from month-to-month, and their value is considered nominal; therefore, no suppliesoc inventory is recorded. A box that holds 24 to 36 pair of jeans costs approximately cost of these shipping boxes could be traced directly to each job; however, the cost seem to outweigh the benefits, so boxes are charged to manufacturing overhead as incur inventory of boxes is recorded. each job; however, the costs of doing so Thead as incurred. No 10 Conditional Format Formatting as Table Assignment 1 2000 ) Currency % U Help $ S T Window t> Wrap Text R Data View - Merge & Center P Q Tools Review O Format 3 N Data Insert M View Formulas A- A Abemathy & Fetch 9 5,000 Page Layout 11/20/19 MV Boli H I K L JOB COST SHEET Customer Name F G Quantity 220 Date Completed X fx 160000 coE Applied Overhead Date Cost 11/18/19 10,000 11/18/19 3,750 11/20/ 19 4 17 $40 $40 | 11/15/19 Job Order No. Direct Labor Cost 50,000 18,750 2,083 *Extra work Date 11/18/19 11/18/19 11/20/19 Contract Price Date Shipped Direct Materials Cost 7 5,000 Date 11/15/ 19 1-Job 222 Cost Sheet 1- Job 221 Cost Sheet 1-Job 220 Cost Sheet 1-ATB 11-30-2019 Ready esc 23. W AMAN CCOUNT Gatsby me December TRANSACTIONS LIST December 1 - 31, 2019 Paid wages payable and payroll taxes payable electronically Document Shipped lob #220 to Abernathy & Fetch with a sales invoice Paid outstanding accounts payable and other payables that were due in full (paid electronically). Ordered 100 rolls of denim from Denim Inc. using purchase order No. 556. Freight terms are FOB shipping point. Job #221 Whiskey & Soda was completed. X Job 221 Whiskey & Soda was packed, shipped, and invoiced. Terms are n/30. Shipping costs paid by customer Received check from Cool Creed for a shipment made to them in November in the amount of $225.000 Received the 100 rolls of denim that were ordered from Denim Inc. on December 5, 2019, as listed on purchase order No. 556. Denim Inc.'s vendor invoice No. 7423 for $300,000 was received with the goods. Terms are n/30. Received the supplies that were ordered from Notions Inc. on November 30, 2019, as listed on purchase order No. 549. Notions Inc.'s vendor invoice No. 257 for $20,000 was received with the goods. Terms are n/30. Job #222 for K. Brand was completed, packed, shipped, and invoiced. Terms are n/30. A new order from AH was received for 11,000 pairs of jeans. Design work was completed for AH AH accepted the design work and agreed to a price of $45 per pair. Assigned Job #223 to the AH order. A MANAGER ACCOUNTING I ... manu lactu 18 Requisitioned denim into Work-in-process for the AH order. Requisitioned notions/supplies (indirect materials) for the AH order. Paid Notions Inc. electronically for their Dec 11' invoice. Job #223 for AH was completed. Job #223 for AH was packed, shipped, and invoiced. Packing costs are a part of MOH. Other shipping costs will be paid by the customer. Terms are n/30 A new order for 8,000 pairs of jeans was received from Belt Buckle. Design work was completed for Belt Buckle. They accepted the design work Belt Buckle was assigned Job #224. Contract price is $45 per pair. A new order for 15,000 pairs of jeans was received from Cool Creed. Denim was requisitioned into Work-in-Process for Belt Buckle Job #224. Requisitioned notions/supplies (indirect materials) for Belt Buckle Job #224 Cool Creed accepted the design work and was assigned Job #225. The contract price is $40 per pair. Completed one-half of the sewing direct labor on Job #224 for Belt Buckle. Job #225 direct materials were requisitioned into Work-in-process. No work has been completed on the job as of month-end. Paid $25,000 of principal and $1,250 of interest expense on the Note Payable to First Bank. Paid $10,000 on the mortgage principal and $800 of interest expense to Commerce Bank. Recorded and paid the following administrative and selling expenses Administrative & selling costs $12,750 per Apex Payroll Service's invoice No. 18633 (includes payroll and payroll taxes). Office supplies and utilities $450. Payroll services expense $200. A. KAY GU. Gatsby's Accounting System and Policia Cost Sheet for One Pair of Jeans Quantity Direct materials - denim Direct labor-sewing Direct labor --- finishing 1 hour per pair Ve hour per pair Cost per Unit 515 per part 520 per hour $15 per hour * For simplicity, the yards of denim needed for each pair of jeans project as that would require more details about each order (e.... size of jeans are not provided for er leg, sizes, men/women). determined rate of 20% of dite Manufacturing overhead is charged to jobs based on a predetermined labor cost. 1 person Manufacturing overhead: Designer Factory supervisors Inspectors Quantity 35 hours per week 2 persons Cost per Unit 530 per hour $60,000 per person per year 2 persons @ 40 hours per week $20 per hour per hour per inspector sibilities, 50 employees are As seen in the earlier section on Personnel Structure and Responsibilities. 50 sewers and 28 employees are finishers, each of whom work 40 hours per week s ranges from $40 to $50 per pair of jeans. Terms The selling price Gatsby charges its customers ranges from $40 to $50 per are n/30; that is, the full price is expected to be paid within 30 days. Goods are (free on board) shipping point, so the customer assumes legal title and respond shipping and insurance costs as soon as Gatsby places the goods on the carrier. Gatsby a sales invoice sent to the customer when the goods are delivered, which includes the customer's assigned account number INVENTORY PROCEDURES There is beginning and ending raw materials inventory of denim. The oldest inventory is always used up first. Each job is a custom job that is shipped as soon as it is completed. Gatsby espouses a "lean" management philosophy; however, it does have some space in the production area of the building in case a job is finished in one month and sold and delivered the following month. There is beginning and ending work-in-process inventory each month. Notions used in the production process, such as thread, zippers, snaps, and rivets, are charged to manufacturing overhead as indirect costs as incurred. The quantity of these supplies on hand is relatively stable from month-to-month, and their value is considered nominal; therefore, no suppliesoc inventory is recorded. A box that holds 24 to 36 pair of jeans costs approximately cost of these shipping boxes could be traced directly to each job; however, the cost seem to outweigh the benefits, so boxes are charged to manufacturing overhead as incur inventory of boxes is recorded. each job; however, the costs of doing so Thead as incurred. No 10 Conditional Format Formatting as Table Assignment 1 2000 ) Currency % U Help $ S T Window t> Wrap Text R Data View - Merge & Center P Q Tools Review O Format 3 N Data Insert M View Formulas A- A Abemathy & Fetch 9 5,000 Page Layout 11/20/19 MV Boli H I K L JOB COST SHEET Customer Name F G Quantity 220 Date Completed X fx 160000 coE Applied Overhead Date Cost 11/18/19 10,000 11/18/19 3,750 11/20/ 19 4 17 $40 $40 | 11/15/19 Job Order No. Direct Labor Cost 50,000 18,750 2,083 *Extra work Date 11/18/19 11/18/19 11/20/19 Contract Price Date Shipped Direct Materials Cost 7 5,000 Date 11/15/ 19 1-Job 222 Cost Sheet 1- Job 221 Cost Sheet 1-Job 220 Cost Sheet 1-ATB 11-30-2019 Ready esc 23. W
