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can you help me with rest of the empty box Sager Company builds custom retaining walls for large commercial customers. On May 1, the company
can you help me with rest of the empty box
Sager Company builds custom retaining walls for large commercial customers. On May 1, the company had no inventories of work in process or finished goods but held the following raw materials. Cinder block Boulders Stain (indirect materials) Total 350 units @ $280 = 100 units @ 250 - 65 units @ 85 - $ 98,000 25,000 5,525 $ 128,525 On May 4, the company began work on Job 102 for Woz Company and Job 103 for Reuben Company. Required: 1. Prepare job cost sheets for Jobs 102 and 103. Prepare three materials ledger cards for cinder blocks, boulders, and stain. Enter the beginning raw materials inventory amounts from above for each of these materials on their ledger cards. Then, follow the instructions in this list of activities to complete the job cost sheets and the materials ledger cards. a. Purchased raw materials on credit and recorded the following information from receiving reports. Receiving Report Number 426, cinder blocks, 280 units at $280 each. Receiving Report Number 427, boulders, 95 units at $250 each. Instructions: Enter the receiving report information on the materials ledger cards. b. Requisitioned the following raw materials for production. Requisition Number 35, for Job 102, 189 units of cinder blocks. Requisition Number 36, for Job 102, 72 units of boulders. Requisition Number 37, for Job 103, 98 units of cinder blocks. Requisition Number 38, for Job 103, 76 units of boulders. Requisition Number 39, for 21 units of stain. Instructions: Enter amounts for direct materials requisitions on the materials ledger cards and the job cost sheets. Enter the indirect materials amount on the materials ledger card. c. Received the following employee time tickets for work in May. Time tickets Numbers 1 to 10 for direct labor on Job 102, $86,000. Time tickets Numbers 11 to 30 for direct labor on Job 103, $63,000. Time tickets Numbers 31 to 36 for indirect labor, $23,750. Instructions: Record direct labor from the time tickets on the job cost sheets. d. Finished Job 102. The company applies overhead to each job with a predetermined overhead rate of 80% of direct labor cost. Instructions: Enter the applied overhead on the cost sheet for Job 102, fill in the cost summary section of the cost sheet, and then mark the cost sheet "Finished." e. Applied overhead cost to Job 103 based on the job's direct labor used to date. Instructions: Enter applied overhead on the job cost sheet for Job 103. 2. Job 102 was sold on credit for $410,000. Compute gross profit for the month. 3. Determine the balances reported on the month-end balance sheet for Raw Materials Inventory and Work in Process Inventory. Customer's Name Requisition Number JUS CUST SHEET Woz Company Direct Materials Direct Labor Cost Time Ticket Number 52,920 #1-10 $ 18,000 Job Number 102 Overhead Rate % Cost 80% $ 68,800 Cost #35 86,000 #36 Total 70,920 Total $ 86,000 68,800 Summary of Costs Direct Materials $ Direct Labor Overhead Total cost of Job $ 70,9201 86,000 68,800 225,720 Customer's Name Requisition Number Reuben Company Direct Materials Direct Labor Cost Time Ticket Number Cost 27,440 #11-30 $ 63,000 19,000 Job Number 103 Overhead Rate % Cost 80% $ 50,400 #37 #38 Total $ 46,440 Total $ 63,000 50,400 Summary of Costs Direct Materials $ Direct Labor Overhead Total cost of Job 46,4401 63,000 50,400 159,840 Item MATERIALS LEDGER CARD Cinder blocks Received Issued Units Unit Price Total Price Requisition Units Unit Price Total Price Units Balance Date Receiving Report Unit Price Total Price 280 $ 0 May 1 #426 280 $ 280 0 280 $ 78,400 #35 #37 280 280 0 189 $ 98 $ 52,920 27,440 280 280 0 Item Boulders Received Issued Units Unit Price Total Price Requisition Units Unit Price Total Price Units Balance Date Receiving Report May 1 Unit Price Total Price 250 $ 0 250 0 #427 95 $ 250 $ 23,750 #36 #38 72 250 123 250 30,750 18,000 19,000 76 250 250 0 Item Stain Received Issued Balance Date Receiving Report Units Unit Price Total Price Requisition Units Unit Price Total Price Units Unit Price Total Price May 1 65 85 $ $ 5,525 #39 21 $ 85 $ 1,785 85 0 Complete this question by entering your answers in the tabs below. Required 1 Job Cost Sheets Required 1 Materials Requisition Required 2 Required 3 Job 102 was sold on credit for $410,000. Compute gross profit for the month. $ Sales Cost of goods sold Gross profit 410,000 225,720 184,280 $ Complete this question by entering your answers in the tabs below. Required 1 Job Required 1 Cost Sheets Materials Required 2 Required 3 Requisition Determine the balances reported on the month-end balance sheet for Raw Materials Inventory and Work in Process Inventory. $ 225,720 Raw materials inventory Work in process inventoryStep by Step Solution
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