Custom Fabric Ventures is a small company that produces fabric-based wardrobe accessories (such as, handbags, scarves, and headbands) and home accessories (such as placemats, pillows, and window treatments). The company keeps a limited number of popular items in stock, but primarily produces custom orders. Customers are able to choose from a wide selection of styles, sizes, and fabrics for each type of product. Most of the company's customers are small boutiques, home dcor shops, and home-decorators who serve clientele with discerning tastes. As a result, customers expect high-quality products.

Calculate the company's predetermined manufacturing overhead rate, assuming the company uses direct labor hours as its allocation base. Estimated total direct labor hours are 40,000.

Lob Costing Project In this assignment you will be required to complete tasks related to job costing. Download the real-time, eliminate tedious calculations, and prevent errors. However, the underlying process is the Req. 3 (3 points): The production engineers have also given you the production labor requirements for document, complete the required information, save the document, and submit the assignment in same regardless of whether the company uses electronic or manual documents. each individual bag produced, assuming one bag is produced at a time: Req. 6 (4 points): Assume shipments of all supplies arrive on 6/9. Your receiving personnel have checked the receipts against the Purchase Order and Invoice, and have noted no discrepancies putting time: 30 minutes per bag; ordered quantities or prices. Since the company keeps perpetual inventory records, update Job Number: _ Job Cost Record Due Date: March 3, 2020. Submit as an attachment in Blackboard in the A Req. 1 (3 points): Before the year began, Custom Fabric Ventures estimated the following overhead costs for the year: Sewing time: 70 Customer or Stock:_ March 3: Module 18 Content Area. Total Possible Points = 50 points. kboard in the Assignment for February 26 Ironing time: 8 be: 8 minutes per bag Materials Records for the materials received and the new balance in stock. Update both the p quantities and costs. The company uses First-In, First-Out (FIFO) as its inventory flow assumption. If Job description:_ Type of Cost needed, keep track of separate inventory price layers. Date Completed:_ Estimated total Custom Fabric Ventures is a small company that produces fabric-based wardrobe accessories (such as dbags, scarves, and headbands) and home accessories (such as placemats, pillows, and window Indirect plant labor cost for the year since each bag must be sewn and ironed individually, no sewing and ironing labor efficiencies can be Plant utilities 60 090 purposes, such that the material for four bags can be cut in the same amount of time it would take Req. 7 (4 points): The scheduled start date for the job has arrived. In order to begin production the ut one individual bag. Compute the estimated labor time requirement for producing Job 114. materials for the job are needed in the plant. Production would like to requisition all needed materials Manufacturing Cost Information: treatments. The comp custom orders. Customers are able to choose from a wide selecti 20,000 Direct Materials (list Materials Requisition # and cost) Cost Summary stock, but primarily produces at one time. Complete the Materials Requisition (fill in the date, Job #, and quantity needed) so that type of product. Most of the company's customers are small boutiques, home decor shops, and home- brics for each Lease and property taxes on the plant duction equipment (Equipment originally costing $700,000 40.000 TOTAL hours required for Job 114:_ the inventory storeroom personnel know the quantities and types of material to pick. decorators who serve clientele with discerning tastes. As a result, customers expect high-quality year ago is being depreciated over a 5 year useful life using straight-line depreciation. No salvage value is expected Req. 4 (4 points): Consult the Raw Materials records to determine the types and quantities of materials Materials Requisition The sales staff of Custom Fabric Ventures has just received the following order: Indirect materials to be used in the plant 20,000 you currently have in stock. Determine which types of materials you need to purchase for Job 114 and wow much of each you'll need. List the materials that need to be purchased, along with the of each needed: Date Number: #6786 Custom Fabric Ventures late the company's predetermined manufacturing overhead rate, assuming the company uses direct labor hours as its allocation base. Estimated total direct labor hours are 40,000. Description Quantity Unit Cost Total Cost Direct Labor (list labor time record # and cost) Customer: Katie's Boutique Customer Order Form Order Date: 6/2/2019 BW Check Bla Black and White Floral Fabric White Checkered Fabric Order Due Date: 6/15/2019 Description: Black & White Handbag Model Number: Quantity Unit Sales Price Total Req. 2 (3 points): The production engineers have given you the materials requirements for each Black & BFringe Black Fringe Trim BW14923 White handbag. Assume that no efficiencies in $525 unit per batch. Complete the Bill of Materials to als can be achieved by producing more than o BStrap Black shoulder strapping Manufacturing Overhead (show calculation of amount allocated) quantity being produced in the Job as well as the total quantity needed for each direct material Req. 5 (4 points): Complete the purchase order (supplier, date needed, item number, quantity, cost, Plastic Canvas the whole order) assuming you are only buying what you need for this job, and no Interfacing : Level 4 rating BILL OF MATERIALS other jobs. Price list is provided at the end. Total Total Job Cost Due to its popularity, the Black and White Handbag (BW14293) is normally a stock item. However, the handbag is currently out of stock. Rather than producing on an producing only enough units to fill Katie's order, Model: BW14923 JOB 114 provided at the end. No shipping is charged. Note: The supplier only allows you to order in increments of 5 yards at time, so you may have to buy a little more than what you need. Number of units management would like to produce a job (Job 114) that is large enough to fill Katie This is not a problem for your company, as it can always use large pieces of lef Cost per Unit maris large enough to fill Katie's order and replenish rs deep for cutting, while still maintaining the Quantity: u stock. The fabric used for this job can be stacked four layers deep for cutting, while Part Part Description Quantity Needed Total Quantity jobs. Custom Fabric Ventures also has a standing contract with Mattel to produce clothing for dolls. Req. 8 (4 points): The storeroom personnel correctly pick the direct materials and send them to Thus, small fabric remnants can always be used for the toy clothing line. production. Complete the cost information on the Materials Requisition above, assuming the quality and precision of the cut. Therefore, the company is able to realize some econ Number company uses First-In, First-Out (FIFO) as its inventory flow assumption. producing the handbags in multiples of 4. Therefore, management has decided to produce 40 units in BWFF BWCheck Blac Black and White Floral Fabric this job to have a minimum of 30 handbags left in stock after Katie's order has been filled. d White Checkered Fabric Purchase Order Black Fringe Trim 3/4 yar teq. 9 (3 points): Start a Job Cost Record for Job 114 (see below). Record the direct materials used b e job by recording the materials requisition number and the total cost of materials requisitioned. Your primary task is to determine the cost of producing Job 114 so that you can calculate the gross Date needed by profit on the sale to Katie's Boutique. A place shoulder strapping yard 1 and 3/4 yard Item Number Quantity Cost per yard Total Cost uction, purchase any raw materials that are not currently in stock, requisition materials for the job, Interfacing: Level 4 sturdiness rating and complete the job cost record. Req. 10 (4 points): Using the Labor Time Records for the week (provided below), determine how much direct labor cost to assign to Job 114. Record the direct labor used by the job by recording the labor time record numbers, hours worked, and total DL cost on the job cost record. The following step-by-step requirements will guide you through the entire job costing process. The documents you will encounter in this case are normally completed electronically rather than manually In addition, these documents often interface with each other electronically in order to transfer data in TOTAL teq. 11 (3 points): Calculate the amount of manufacturing over our calculations on the job cost record. lead to allocate to Job 114. Show Employee: Tyler David Labor Time Record Hourly wage rate: $10 Week: 6/8- 6/15 Date Record #: 324 Authorized Suppliers: JoAnne Fabrics Raw Materials Record Job Start Time End Time Hours Cost JoAnne Fabrics- Item No. BWFF Received Used Description: Black and White Floral Fabric tem No. B.Strap Raw Materials Record Part Number Name Received Used Description: Black Strapping 6/8 4:00 BWFF Black and White Floral Price per yard Date Units Cost Total Requisition Units C Total Units Cost Total Date Units Cost Total Requisition Units Cost Total Units Cost Total 6/10 114 114 8:00 FF620 Funky Floral Jacobean 6/1 6 yds $6.00 $36.00 6/1 Denim Block $0.00 Razzle Dazzle Labor Time Record Black & White Check Employee: Eli Kunde Week: 6/8-6/15 Green Swirel Hourly wage rate: $15 Plastic Canvas Raw Materials Record Date Job record #: 325 Start Time End Time Hours Cost Interfacing- level 4 nterfacing -level 5 Item No. BWCheck Description: Black & White Checkered Fabric numbe Rik Bak- Hot Pink Date Units Cost Total Requisition Units ost Total Units Cost Total Black Beads Number Raw Materials Record BEvoge Black Fringe 6/1 20 yd $8.00 $160.00 tem No. that Received Date Units Cost Total Used Description: Plastic Canvas Sheet Requisition Units Cost Total Units Cost Total BStran Olive Green Strapping Black Shoulder Strapping 6/1 Number 25 sh. 50.90 $22.50 Employee: Stephanie Berg Labor Time Record Hourly wage rate: $12 Week: 6/8-6/15 Date Job Record #: 326 numbe Start Time End Time Hours Co tem No. BFringe Raw Materials Record Received Date Units Cost Total Req Used Description: Black Fringe Trim Requisition Units Cost Total Units Cost Total Number Raw Materials Record 6/1 3 yd $3.00 $9.00 em No. Int4 Requisition Used Description: Interfacing- level 4 Date Units Cost Total tal Units Cost Total Employee: Pam Braun Labor Time Record Number Week: 6/8-6/15 50 yds $4.00 $200.00 Date vage rate: $18 Job Record #: 327 Start Time End Time |Hours Cost 112 113 11:00 8 8 8 8